Oil Climbs Toward $47 on U.S. Vaccine Rollout, Tanker Explosion

(Bloomberg) — Oil advanced toward $47 a barrel before the rollout of the first Covid-19 vaccine in the U.S. and as news of another tanker explosion in the Middle East raised concerns over the region’s stability.

Futures rose 0.6% in New York after losing 0.5% on Friday. First deliveries of the Pfizer Inc.-BioNTech SE vaccine will be made Monday after the drug gained emergency authorization last week, with President Donald Trump and other officials offered the shot as part of a plan to ensure continuity of government.

A ship was hit by an explosion near the Saudi Arabian port city of Jeddah on Sunday, according to the United Kingdom Marine Trade Operations. The incident highlights the potential for supply to be disrupted in the region and comes three weeks after an oil tanker was damaged in a possible attack at the Saudi terminal of Shuqaiq.

chart: Oil has climbed amid vaccine breakthroughs

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