<article><p class="lead">Crude futures rose this morning after more encouraging news about potential vaccines against Covid-19.</p><p>US pharmaceutical firm Pfizer said final phase-3 testing on the candidate vaccine it revealed last week showed it is 95pc effective in trial participants that have not had Covid-19. Last week Pfizer and its partner, Germany's Biontech, said the product was more than 90pc effective.</p><p>Crude futures prices <a href="https://direct.argusmedia.com/newsandanalysis/article/215799">rose sharply then</a>, and rose again today. The front-month Ice Brent contract reached as high as $44.80/bl after Pfizer's announcement, up by 2.4pc from yesterday's close. The US Nymex front month contract pushed higher to $42.38/bl, up by 2.3pc from yesterday's close.</p><p>Pfizer also said today that it has attained the safety milestones required by the US FDA, and it will submit an application for use within days.</p><p>Crude futures prices have gained support from a succession of vaccine-related announcements since Pfizer's initial prognosis, with hopes for a global oil-demand recovery broadly dependent on the availability of a working Covid-19 preventative. Russia has said that <a href="https://direct.argusmedia.com/newsandanalysis/article/2158813">its vaccine</a> is 92pc effective, and US <a href="https://direct.argusmedia.com/newsandanalysis/article/2160232">biotech firm Moderna</a> said its contribution is 94.5pc effective.</p><p>But there is a long road between now and mass vaccination, and the IEA <a href="https://direct.argusmedia.com/newsandanalysis/article/2159151">last week said</a> that any effects would not be seen in oil demand until well into next year.</p><p class="bylines">By Ben Winkley</p></article>
