Oil surged by the most since May as news of a potential Covid-19 vaccine breakthrough injected fresh hope that an end is in sight to the worst demand slump in decades. Futures spiked 8.5% in New York alongside a broader market rally after news that a vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of symptomatic infections in a large-scale study. While coronavirus cases continue to surge globally, the prospect of a widely distributed vaccine could jumpstart the fragile rebound in consumption. “This changes everything on the demand side,” said Stewart Glickman, energy equity analyst at CFRA Research. “Assuming it can be produced commercially, it makes it very viable for people to take more risks knowing they have a vaccine.” While a vaccine would be a big step towards oil’s recovery, the market remains precarious […]