Pfizer Vaccine News Pumps Up Oil Prices
Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) announced this morning that their coronavirus vaccine candidate BNT162b2 is showing 90% effectiveness in phase 3 clinical trials. The companies are planning to seek Emergency Use Authorization from the Food and Drug Administration (FDA) to begin distributing the coronavirus vaccine -- perhaps as early as the third week of November.
Pfizer expects to have 50 million doses of the vaccine ready by the end of this year, so it can begin distributing almost as soon as they receive the green light. The prospect of such near-term distribution is encouraging investors to believe that the global economy will soon be going full steam again. This would naturally lead to demand for more energy to operate factories and fuel automobiles -- and so oil prices are rising.
Image source: Getty Images.
Source Fool.com
