Oil settles up 3%, boosted by Mexican oil rig outage, U.S. vaccine approval

• Oil prices rose 3% on Tuesday after Mexico suffered a large production outage due to a fire on an oil platform and full U.S. regulatory approval of vaccines for COVID-19.
• Oil is up more than 8% for the week, clawing back the 7.6% lost last week, the biggest weekly decline in more than nine months.
• Investors took a more upbeat view on the continued fight against the virus after the U.S. Food and Drug Administration on Monday issued full approval for the Pfizer/BioNTech two-dose vaccine, having authorized it for emergency use last December.
• Analysts said China's apparent success in fighting the Delta variant of the coronavirus also boosted demand sentiment with no cases of locally transmitted infections in the latest data.

(Source: Reuters)