Crude oil prices rose to the highest since early spring after the FDA yesterday gave the green light to the Pfizer-BioNTech Covid-19 vaccine, with government officials saying several hundred vaccination sites across the country would be supplied with vaccines by tomorrow. But traders—who have been buying oil and fuels futures with renewed eagerness over the past few weeks—are now preparing for a market correction. Traders from hedge funds slowed down their purchases of crude oil and derivatives contracts, Reuters’ John Kemp said in his weekly column, noting that this is the fifth week in a row when traders have been buying with a voracious appetite. This appetite will be difficult to sustain, though, even after vaccinations start in the United States, for two main reasons: how long it will take to vaccinate the population and oil’s fundamentals. The regulatory approval of the Pfizer-BioNTech vaccine for the United States was […]