US crude jumps more than 2.5% ahead of EIA weekly report

The US crude continued to rise on Wednesday, gaining more than 2.5%, while heading for the second gain in 3 days after taking a pause yesterday, on strong odds for OPEC-Plus delaying the output increase scheduled early next year, which offset a sudden build in the US crude inventories according to preliminary data, and ahead of the Energy Information Administration's official report.

US crude (WTI) rose more than 2.5% to $42.44, after opening at $41.32, and hit a session low of $41.10.

US crude lost 0.25% yesterday, after gaining over more than 3% on Monday. 

The pharmaceutical giant Pfizer and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.

The CEO of Pfizer, Albert Bourla, said the company would apply for emergency US authorization very soon to the Food and Drug Administration (FDA) in order to distribute the vaccine in the country, and if all goes well, vaccination will launch next December.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose by about 4.2 million barrels during the week ending November 13, missing forecasts of 1.2 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to rise by 1.7 million barrels.