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Energy Rallies With Oil Futures On Vaccine Hopes -- Energy Roundup

11/23/2020 | 04:35pm EST

Shares of energy companies surged alongside oil futures, which hit a three-month high in New York, closing just above $43 a barrel.

The price of oil has been under assault since the pandemic began in earnest in February, recovering more slowly and unevenly than other risky assets because of the long-term nature of Covid-19's effect on auto and air travel.

Oil futures -- and energy stocks -- have gotten a bigger lift from the vaccine developments of recent weeks than most other asset classes, however. AstraZeneca was the latest drug maker to provide a promising update on its clinical trial.

Leaders of the world's major economies on Sunday urged strenuous efforts to combat the coronavirus and revive the global economy after a two-day summit that was hosted virtually by Saudi Arabia because of the pandemic.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-23-20 1634ET

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -2.25% 7773 Delayed Quote.6.21%
LONDON BRENT OIL -0.22% 55.42 Delayed Quote.7.08%
WTI 0.16% 52.48 Delayed Quote.8.49%
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