Oil prices rose for the second day running Tuesday after the U.S. drug regulator granted full approval to the Pfizer/BioNTech SE COVID-19 vaccine, helping increase hopes for higher fuel demand.
West Texas Intermediate crude futures for October delivery rose 1.1 percent to $66.34 in European trade after climbing 5.6 percent in the previous session.
Brent crude futures for November settlement jumped 1.2 percent to $69.16 a barrel.
The full FDA approval of Pfizer’s COVID-19 vaccine is expected to boost economic recovery and fed demand for fuel.
Speaking from the White House, U.S. President Biden called the approval a key milestone in the nation’s fight against COVID. He stressed that inoculation saves lives and that those awaiting final FDA approval no longer have a reason to delay.
A call by China’s central bank for more economic support and signs of falling COVID-19 infections in China and India also added to optimism over global growth.
Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day for further direction.