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Oil prices rise on approval of vaccine by US regulator

The price of Brent crude oil is up by 0.7% to $69.26 per barrel

Oil prices are up on Tuesday as investors’ hopes of a recovery in demand for fuel were boosted following the US’s drug regulator approving the Pfizer Covid-19 vaccine.

The price of Brent crude oil is up by 0.7% to $69.26 per barrel at 0859 GMT today, while US West Texas Intermediate (WTI) had gained 0.66% to $65.94.

Both benchmarks were aided by a weakening US dollar, having seen their biggest losses in over nine months a week ago.

The US Food and Drug Administration (FDA), which towards the end of 2020 authorised the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use by those aged 16 or older.

Officials are hoping the approval will encourage unvaccinated Americans to take the jab, as well as encouraging state and local governments to bring vaccine mandates into action.

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“With many corporations and government agencies likely to enforce vaccine mandates, return to office travel should dramatically pick up in the fall,” Edward Moya, senior analyst at OANDA, told Reuters.

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