Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential step up in U.S. coronavirus vaccination rates.
Brent crude oil futures gained 21 cents, or 0.3%, to $68.96 a barrel by 0454 GMT, while U.S. West Texas Intermediate crude futures increased by 14 cents, or 0.2%, to $65.78 a barrel.
The U.S. Food and Drug Administration , which last December authorised the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older.Health officials hope the action will convince unvaccinated Americans that the shot is safe and effective, and expect it could also prompt more state and local governments, as well as private employers, to impose vaccine mandates.
"With many corporations and government agencies likely to enforce vaccine mandates, return to office travel should dramatically pick up in the fall."
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