2021.03.2219:15:00UTC+00Crude Oil Futures Settle Higher

Crude oil futures settled modestly higher on Monday with traders weighing the prospects for energy demand.

While the positive news on the vaccine front with AstraZeneca's vaccine proving to be 79% effective supported oil prices, reports saying several countries in Europe are looking to extend lockdown measures to curb the spread of the third wave of infections weighed on the commodity.

West Texas Intermediate Crude oil futures for April ended up $0.13 or about 0.2% at $61.55 a barrel. WTI Crude futures for May were up by about $0.14 at $61.58 a barrel.

Brent crude futures were up marginally at $64.59 a barrel a little while ago.

British drug major AstraZeneca Plc announced positive late-stage trial results of its covid-19 vaccine AZD1222 in the United States. The company said the U.S. trial met the primary efficacy endpoint in preventing COVID-19 at interim analysis.

It demonstrated statistically significant vaccine efficacy of 79% at preventing symptomatic COVID-19 and 100% efficacy at preventing severe disease and hospitalization.

British drug major AstraZeneca Plc announced positive late-stage trial results of its covid-19 vaccine AZD1222 in the United States. The company said the U.S. trial met the primary efficacy endpoint in preventing COVID-19 at interim analysis.

It demonstrated statistically significant vaccine efficacy of 79 percent at preventing symptomatic COVID-19 and 100 percent efficacy at preventing severe disease and hospitalization. AstraZeneca shares were gaining around 2 percent in London trading as well as in pre-markect activity on Nasdaq.

Meanwhile, the U.K. and Germany are reportedly looking to extend lockdown measures in some places to curb the spread of the coronavirus infections.