Oil’s vaccine-driven rally eases on growing stockpiles

Oil prices in the United States took a breather on Wednesday. The decline followed after an industry report revealed that the country’s stockpiles grew larger than what was expected. This heavily restricted a rally brought by encouraging news about an effective coronavirus vaccine.

After a 4% increase made on Tuesday, West Texas Intermediate crude recorded a 0.3% drop. Brent crude, on the other hand, was yet to trade after recording a 4% jump in its previous session. Both contracts reached their record peaks since March on Tuesday. This followed after a three-day rally fuelled an 8% jump.

On Monday, AztraZeneca announced that its coronavirus vaccine’s effectiveness ranges between 70% and 90%, providing another potential vaccine after other drugmakers rendered encouraging results in creating a vaccine against the coronavirus.