- WTI is up $3.87 to $41.01/Bbl, and Brent is up $3.70 to $43.15/Bbl
- WTI is trading nearly 10% higher this morning, its largest jump since June
- Pharma company Pfizer provided an update on its progress towards a Covid-19 vaccine
- OPEC+ minister's comments hint at a possible delay in the proposed output hike in January
- The proposed vaccine was effective in preventing more than 90% of infections in a study of tens of thousands of volunteers, according to Pfizer
- The timing of this vaccine is essential as Europe is beginning to see more oil demand destruction due to the surge in infections
- Pfizer and BioNTech have a $1.95 billion contract with the U.S. government to start delivering up to 100 million doses. The companies began manufacturing before they even knew the vaccine was effective, allowing them to produce up to 50 million by the end of this year and 1.3 billion doses by the end of 2021
- OPEC+ ministers talk openly about the possibility of delaying output hikes in January as the resurgence of coronavirus cases cast doubt on the market's ability to absorb the additional oil
- Prince Abdulaziz said the cartel's next move could go "beyond" what the market is expecting, hinting that the cuts could be extended beyond April 2022
- Support for pushing the output hikes out further past January has begun to gain momentum. Algeria, which holds this year's OPEC presidency, came out last week as the first country to support the move