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Oil Clings to Rally on Signs of Coronavirus Vaccine Progress

November 18, 2020

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.

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