Oil prices settle up over 2% on COVID-19 vaccine news

Brent crude settled up US$1.10, or 2.45% to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.

NEW YORK: Oil prices settled up more than 2% on Monday, extending last week's gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.

Brent crude settled up US$1.10, or 2.45% to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.