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Oil gains nearly 3% on vaccine hopes

Oil ended nearly 3% higher on Tuesday as hopes that a COVID-19 vaccine is on the horizon outweighed worries about a drop in fuel demand from new lockdowns to contain the virus.

Brent crude futures settled up $1.21, or 2.9%, at $43.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained $1.07, or 2.7%, to $41.36.

Both contracts jumped 8% on Monday, their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech <22UAy.F> said their experimental COVID-19 treatment was more than 90% effective based on initial trial results.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.