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July 20, 2020, 2:45 p.m. EDT

Oil futures settle higher as positive COVID-19 vaccine trial results ease demand concerns

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By Myra P. Saefong

Oil futures settled with a gain on Monday, finding support as positive results from an earlier COVID-19 vaccine trial helped to offset the pandemic's risk to economic recovery and energy demand. Also, "crude inventories are still heading lower," said Robbie Fraser, senior commodity analyst at Schneider Electric told MarketWatch. "From U.S. stocks to floating storage tankers, the data continues to show a market chipping away at excess supply, and that's providing a buffer from ongoing demand concerns." August West Texas Intermediate oil rose 22 cents, or 5%, to settle at $40.81 a barrel on the New York Mercantile Exchange.

Read the full story:
Oil gains, with prices holding above $40 after positive coronavirus vaccine trial results

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