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Weak German business morale, vaccine delays push European stocks to 2-week low
Published at 25/01/2021 at 17:31 -
London's FTSE 100 drops to near three-week low as virus risks weigh
Published at 25/01/2021 at 17:00 -
London stocks gain on M&A activity, virus risks weigh
Published at 25/01/2021 at 08:20 -
Tech shares, corporate earnings lift European stocks
Published at 25/01/2021 at 08:18 -
UK Stocks-Factors to watch on Jan 25
Published at 25/01/2021 at 07:55 -
UK Stocks-Factors to watch on Jan. 25
Published at 25/01/2021 at 06:37 -
European stocks sapped by weak economic data, travel curbs
Published at 22/01/2021 at 17:21 -
UK stocks under pressure from weak data on the economy
Published at 22/01/2021 at 17:12 -
European stocks head lower ahead of business activity data
Published at 22/01/2021 at 08:16 -
British shares slip as energy, mining stocks weigh
Published at 22/01/2021 at 08:13
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FOREX-Dollar rises as investors shy away from risk
Published at 25/01/2021 at 17:28 -
FOREX-Dollar steadies; euro hurt by vaccine delays and German business morale slump
Published at 25/01/2021 at 12:27 -
FOREX-Dollar index resumes its decline as global markets turn hopeful again
Published at 25/01/2021 at 08:51 -
FOREX-Dollar pauses its decline on fresh virus worries
Published at 25/01/2021 at 04:13 -
FOREX-Dollar firm as economic, pandemic gloom damp risk appetite
Published at 25/01/2021 at 01:30 -
FOREX-Dollar gains after three-day fall as risk rally takes a breather
Published at 22/01/2021 at 20:38 -
FOREX-Dollar edges up after 3-day losing streak as risk rally pauses
Published at 22/01/2021 at 16:17 -
FOREX-Dollar inches up after three-day losing streak; risk currencies fall
Published at 22/01/2021 at 12:44 -
FOREX-Dollar stabilises after three-day decline; PMIs in focus
Published at 22/01/2021 at 09:03 -
FOREX-Dollar nurses weekly loss as bounce fades
Published at 22/01/2021 at 06:09
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PRECIOUS-Gold pares gains as the dollar edges higher
Published at 25/01/2021 at 19:33 -
Oil prices edge higher on U.S. stimulus hopes, supply concerns
Published at 25/01/2021 at 18:47 -
PRECIOUS-Gold firms as dollar, yields ease; Biden stimulus plan in focus
Published at 25/01/2021 at 12:26 -
PRECIOUS-Gold eases on doubts over U.S. stimulus passage
Published at 25/01/2021 at 08:40 -
Oil prices fall for 2nd session as COVID-19 lockdown concerns cast pall over demand prospects
Published at 25/01/2021 at 02:31 -
PRECIOUS-Gold rises as U.S. stimulus hopes bolster appeal
Published at 25/01/2021 at 01:05 -
Oil falls on China's COVID-19 cases, high crude build
Published at 22/01/2021 at 22:44 -
PRECIOUS-Gold falls more than 1% on firm dollar but on course for weekly gain
Published at 22/01/2021 at 19:10 -
REFILE-UPDATE 6-Oil falls as China COVID-19 cases trigger clampdowns
Published at 22/01/2021 at 16:43 -
PRECIOUS-Gold slips as dollar firms but still set for first weekly gain in three
Published at 22/01/2021 at 13:12
CORRECTED-UPDATE 10-Oil closes at highest level since March on vaccine trials, Biden transition
(Corrects last highest settlement date in 3rd paragraph to March 5 instead of March 6)
* Biden transition given formal nod
* OPEC experts meet ahead of next week's ministerial gathering
* U.S. crude stocks seen up 127,000 bbls last week - poll
* Coming up: API inventory report at 4:30 p.m. ET/2130 GMT
By Laila Kearney
NEW YORK, Nov 24 (Reuters) - Oil rose about 4% on Tuesday to touch highs not seen since March as a third promising coronavirus vaccine raised hope for fuel- demand recovery and U.S. President-elect Joseph Biden began his transition to the White House.
Brent crude settled at $47.86 a barrel, gaining $1.80, or 3.9%. U.S. West Texas Intermediate crude settled at $44.91 a barrel, rising $1.85, or 4.3%.
Both benchmarks ended at their highest close since March 5.
AstraZeneca on Monday said that its COVID-19 vaccine was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic another potential vaccine after positive results from Pfizer-BioNTech and Moderna .
However, the vaccine will not be readily available for several months, meaning people will likely restrict travel and other activities through next year to try to slow the spread of the disease.
"The petroleum complex is the vaccine trade," said John Kilduff, partner at Again Capital in New York. "Until we can see the other side of the pandemic, the market is going to be mired in slack demand that is going to keep the overhang extensive."
The coronavirus pandemic, coupled with the collapse of an OPEC-led output pact, sent prices crashing in March.
After the collapse of that output pact led to a brief Saudi Arabia-Russia price war, the Organization of the Petroleum Exporting Countries and allies agreed a new deal on record production cuts to support prices.
The group known as OPEC+ is expected to roll over those cuts into 2021 after meeting Nov. 30 to Dec. 1, following technical talks this week.
In addition, the Trump administration gave Democrat Joseph Biden access to resources that will enable him to take over in January after delaying for weeks despite Trump's loss in the Nov. 3 presidential election.
Biden's early selection of top advisers helped buoy crude futures and equities, which oil often follows.
The first of this week's U.S. supply reports is due at 4:30 p.m. EST (2130 GMT) from the American Petroleum Institute.
U.S. crude oil inventories are seen rising slightly last week, while distillate stockpiles likely declined for the 10th straight week, an extended Reuters poll showed.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Brent crude oil prices hit their highest since March as hopes for a vaccine roll out spur hopes of a recovery in oil demand
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(Additional reporting by Alex Lawler and Jessica Jaganathan Editing by Marguerita Choy, David Goodman, Nick Zieminski and Cynthia Osterman)
((Laila.kearney@thomsonreuters.com; (917) 809-0054))