Traders Haven’t Been This Bullish On Oil Since August

Since pharmaceutical companies started announcing vaccine breakthroughs three weeks ago, the oil market has seen the gloom from the soaring coronavirus cases turn into optimism that vaccine availability would help global economic recovery and a rebound in oil demand at some point next year. Hedge funds and other money managers have been net buyers of the most important petroleum futures and contracts since November 9, when Pfizer and BioNTech started the race to take vaccines to approval within weeks and to people within months.    At…