- Oil in New York climbed to a new 10-month high as the dollar declined.
- Oil has surged more than 45% since the end of October, boosted by Covid-19 vaccine breakthroughs and commitments from OPEC and its allies to curb oil output.
- Recent Democrat victories in U.S. elections have also spurred expectations of economic stimulus, while commodity index rebalancing is also expected to buoy prices this week.
IEA chief says U.S. shale is needed for now as oil prices climb
