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Oil prices skyrocketed on Monday November 9, 2020 after Pfizer announced positive news regarding its development of the COVID-19 vaccine.
WTI prices hit $40.86/barrel early Monday morning, which is up over 7.50% from Friday (11/6). Brent prices also increased by 6.90%, hitting $42.97.
The industry has been hampered by demand reductions caused by the pandemic and the positive vaccine news signals that relief could be on the horizon.
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