Oxford vaccine result gives Brent a boost

Crude futures hit an almost three-month high earlier today after positive news on another Covid-19 vaccine.

UK-based pharmaceutical firm AstraZeneca said the vaccine it is developing with Oxford University has proved to be between 62pc and 90pc effective in clinical trials, depending on the dosage.

Interim analysis from trials on over 20,000 volunteers in the UK and Brazil show 62pc efficacy in those who were given two full doses at least one month apart. This rose to 90pc in patients given a half dose followed by a full dose. It is not clear why there is a difference.

"Excitingly, we have found that one of our dosing regimens may be around 90pc effective and if this dosing regime is used, more people could be vaccinated with planned vaccine supply," chief investigator of the Oxford vaccine trial Andrew Pollard said.

AstraZeneca chief executive Pascal Soriot described the results as "an important milestone in our fight against the pandemic".

"The vaccine can be stored, transported and handled at normal refrigerated conditions ... for at least six months and administered within existing healthcare settings," the firm said.

Ice Brent crude futures hit $46.08/bl at 09:00 GMT, up by 2.5pc from the previous close and the highest since 1 September, while the Nymex WTI contract rose to $43.36/bl, up by 2.9pc from the last close and also the highest since the beginning of September.

Oil prices have gained support from a succession of vaccine-related announcements in the last few weeks. Three other vaccine candidates, two in the US and one in Russia, have been over 90pc effective in clinical trials, according to their respective developers.

By James Keates