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OIH tracks a market-cap-weighted index of 25 of the largest US-listed, publicly traded oil services companies.

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Oil futures take a pause as concern over rising COVID-19 cases overshadow optimism over a vaccine against the disease.

Futures Movers: Oil rally pauses as rising COVID cases, downbeat consumption forecasts overshadow vaccine optimism

After a dismal year, the oil market needs a savior. And while a vaccine may play that role eventually, investors just got a tough reminder of how far there is to go.

Why a vaccine isn't a quick fix for oil markets or the economy

The International Energy Agency (IEA) has previously said that this year's global energy demand decline will be seven times larger than the fall following the 2008/2009 financial crisis.

Oil CEOs believe a demand recovery is coming, but volatility is here to stay

Oil prices have surged this week on hopes that an effective coronavirus vaccine could be approved before the end of the year. The rally is starting to look premature.

Oil prices surged this week on Covid vaccine hopes. The rally is starting to look premature

Global oil demand is set to slip as more countries reintroduce lockdowns in an effort to slow the spread of COVID-19, according to OPEC.

OPEC warns new coronavirus wave will hit oil demand

U.S. oil futures finished modestly higher on Wednesday, extending their gains to a third straight session. Enthusiasm for the rally that was fed by prospects for a COVID-19 vaccine, however, has faded, with prices ending near the session's low after OPEC cuts its 2020 forecast for global oil demand.

U.S. oil futures eke out a gain for the session

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Promising vaccine results from Pfizer sent economically sensitive stocks soaring

Biggest ETF Winners from Coronavirus Vaccine News

The latest revision to demand estimates has again been influenced by the increasing trajectory of coronavirus cases.

OPEC Sees Oil Demand Dropping Further

Coronavirus lockdown measures in Europe and weakening consumption in the Americas will result in global oil demand taking a larger hit in 2020 than previously expected, the Organization of the Petroleum Exporting Countries said Wednesday.

The Wall Street Journal: OPEC says it expects larger hit to demand than previously expected in 2020

OPEC now expects the coronavirus pandemic to have wiped out seven years of growth in global oil demand this year. In its latest monthly report, the coalition lowered its demand outlook for crude oil in 2020 by 0.3 million barrels to 90 million barrels per day. OPEC has repeatedly cut its forecasts for demand growth over the past few months and now expects global consumption to hit its lowest since 2013 this year, according to past reports.

OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand

Oil futures jump Wednesday, adding to the week's gains on optimism over prospects for a COVID-19 vaccine and industry data that show a large drop in U.S. crude inventories.

Futures Movers: Oil prices jump, boosted by vaccine hopes and drop in U.S. crude inventories

The report comes less than three weeks before the group meets with non-OPEC allies to discuss the next phase of oil production policy.

OPEC cuts 2020 oil demand forecast again on rising Covid cases — sees slower recovery next year

Oil futures climbed Tuesday for a second straight session, continuing to find support amid prospects for a COVID-19 vaccine that eased some concerns that rising cases of the virus will lead to a further slowdown in energy demand. Despite the day's climb, "questions about demand are still hanging over the energy market as several nations are currently in lockdown that should hurt demand," said David Madden, market analyst at CMC Markets UK.

Oil futures notch back-to-back gains, buoyed by prospects for a COVID-19 vaccine

Given the widespread changes in oil consumption, it is worth asking whether the oil sector could be COVID-19's biggest victim.

Will Oil Be COVID-19's Biggest Victim?

Oil futures rise Tuesday, looking to build on the biggest one-day gain in more than five months, boosted by optimism over prospects for a COVID-19 vaccine as the continued spread of the disease undercuts fuel demand.

Futures Movers: Oil prices extend rise on optimism over vaccine

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Wall Street soared on Nov 9 on news that Pfizer (PFE) and BioNTech (BNTX) vaccine candidate was more than 90% effective in avoiding COVID-19 in its clinical trial.

5 ETFs Up Double Digits in a Day on Vaccine Optimism

Oil futures rallied Monday, lifting U.S. prices by more than 8% as news of a promising COVID-19 vaccine helped ease worries about a slowdown in energy demand tied to rising cases of the virus. December West Texas Intermediate crude rose $3.15, or 8.5%, to settle at $40.29 a barrel on the New York Mercantile Exchange.

U.S. oil futures gain more than 8% on news of promising COVID-19 vaccine

Join the conversation about this story » NOW WATCH: Why it's okay to eat the brown part of an avocado

'Cheap oil is here to stay': 3 analysts lay out why oil prices will come crashing back down after surging on Pfizer's coronavirus vaccine announcement

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OPEC is also adding a bit of fuel to shares of major oil producers.

Big Oil Stocks Are Soaring on COVID-19 Vaccine News Today

Pfizer and BioNtech said their experimental vaccine candidate showed greater than 90% effectiveness from preventing COVID-19 in participants without evidence of prior infection.

Oil prices spike as coronavirus vaccine shows promise

Oil jumped by almost 10% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

Oil jumps on vaccine hopes and OPEC+ supply signals

Oil prices soar Monday, extending gains after Pfizer said its vaccine was much better than expected in protecting people from COVID-19 in a crucial study.

Futures Movers: Oil prices surge 9%, extending gains on positive COVID-19 vaccine news

Oil rallied by as much as 11.5% after drugmaker Pfizer said its trial COVID-19 vaccine had proven to be effective, offering a glimmer of hope to an industry that has been almost brought to its knees by the pandemic this year. Pfizer's experimental coronavirus vaccine succeeded in the final stage of clinical trials, the drugmaker said Monday, a milestone in society's fight against the pandemic.

Oil blazes as much as 11.5% higher after Pfizer says its COVID-19 vaccine is effective

Oil prices skyrocketed Monday after Pfizer revealed a vaccine breakthrough that could clear some of the black clouds hovering over the energy industry.

Oil skyrockets after Pfizer's vaccine breakthrough

Oil futures tumbled Friday, under pressure as new COVID-19 infections in the U.S. hit a record above 100,000 for a second straight day. The renewed spread of the virus in Europe, where several countries have put in place tougher restrictions on activity, and the U.S. have underlined worries about demand for crude, analysts said.

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