Oil is on the rise after a third company developing a vaccine for Covid-19 announced positive efficacy results this week. They may well continue to rise for a while, but it would pay to be careful with betting on an endless rally. Yesterday, after AstraZeneca said its vaccine candidate had 90% efficacy in some cases, oil benchmarks jumped to the highest in three months as traders rushed to build their positions ahead of the rebound that should logically follow a successful vaccination campaign. Fund managers also went on a buying spree, Reuters’s John Kemp said in his weekly column. The total purchases made in the most traded crude oil and product contracts over the last two weeks reached 539 million barrels, Kemp noted, which was the highest since the start of September. The buying spree is not limited to oil, either, and analysts are taking note. The Bank of […]