NEW YORK, Nov. 9 (Xinhua) -- Oil prices spiked on Monday as risk-on sentiment returned to the market following promising coronavirus vaccine news.
The West Texas Intermediate (WTI) for December delivery rose 3.15 U.S. dollars, or 8.5 percent, to settle at 40.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 2.95 dollars, or 7.5 percent, to close at 42.4 dollars a barrel on the London ICE Futures Exchange.
Market sentiment was fueled as American drugmaker Pfizer and German pharmaceutical company BioNTech announced on Monday data analysis shows their COVID-19 vaccine candidate is more than 90 percent effective in preventing COVID-19.
For the week ending Friday, WTI crude futures rose 3.8 percent, while Brent climbed 4 percent. Enditem
