Oil Prices Fail To Rally Despite A Flurry Of Bullish News

Last week’s news of an effective Pfizer vaccine in the final stages of development lifted oil prices, with the U.S. benchmark WTI Crude returning to above $40 a barrel.   Oil prices rallied by 10 percent on Monday, November 9, after Pfizer and BioNTech announced 90-percent efficacy of their COVID-19 vaccine candidate. This past Monday, prices jumped again after Moderna said that the Phase 3 study of its vaccine candidate had met statistical criteria with a vaccine efficacy of 94.5 percent.  Both WTI and Brent have been the…