Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.
Futures in New York climbed as much as 2.5% on Nov. 18 in sympathy with broader markets, as Pfizer Inc. said a final analysis of clinical-trial data indicated its COVID-19 vaccine was 95% effective, spurring hopes for an eventual rebound in consumption. While an Energy Information Administration report showed a gain in U.S. crude stockpiles last week, the build was smaller than expected.
