Oil settles up 3%, boosted by Mexican oil rig outage, U.S. vaccine approval

Brent crude oil futures settled up US$2.30, or 3.4%, at $71.05 a barrel, while U.S. West Texas Intermediate (WTI) gained $1.90, or 2.9%, to settle at $67.54.Oil is up more than 8% for the week, clawing back the 7.6% lost last week, the biggest weekly decline in more than nine months

NEW YORK: Oil prices rose 3% on Tuesday, supported after Mexico suffered a large production outage due to a fire on an oil platform and also by full U.S. regulatory approval of vaccines for COVID-19.

Brent crude oil futures settled up US$2.30, or 3.4%, at $71.05 a barrel, while U.S. West Texas Intermediate (WTI) gained $1.90, or 2.9%, to settle at $67.54.