UPDATE 5-Oil jumps 4% on latest COVID-19 vaccine progress

* OPEC+ October supply cut compliance seen at 96%, sources
say
* China crude throughput hits record high in October

(Updates prices, adds comment and details)
By Noah Browning
LONDON, Nov 16 (Reuters) - Oil prices jumped more than 4% on
Monday, recouping the previous session's losses after Moderna
Inc MRNA.O said its experimental vaccine was 94.5% effective
in preventing COVID-19.
Brent crude futures for January LCOc1 were up $1.79, or
4.2%, to $44.57 a barrel by 1420 GMT, while U.S. West Texas
Intermediate crude for December CLc1 was up $1.84, or 4.6%, at
$41.97.
"Vaccine euphoria has already been priced in heavily since
last week, but a second remedy to COVID-19 shows that a
large-scale vaccination programme, with sufficient amounts for
the global population, is somewhat closer now," said Rystad
Energy analyst Louise Dickson.
The announcement by Moderna comes after Pfizer Inc PFE.N
reported last week that its vaccine was more than 90% effective,
raising hopes that pandemic-driven damage to the global economy
could be reduced. Prices were also buoyed by data showing a rebound in China
and Japan, with figures showing that Chinese refineries
processed record daily levels of crude in October.
Both WTI and Brent gained more than 8% last week on hopes of
a vaccine and expecttaion that the Organization of the Petroleum
Exporting Countries (OPEC) and its allies, including Russia,
would maintain lower output next year to support prices.
The group, known as OPEC+, has been cutting production by
about 7.7 million barrels a day (bpd), with compliance seen at
96% in October, and had planned to increase output by 2 million
bpd from January. OPEC+ is set to hold a ministerial committee meeting on
Tuesday that could recommend changes to production quotas when
all the ministers meet on Nov. 30 and Dec. 1. "There is no denying that the oil market is fully in the
hands of OPEC+," said SEB chief commodity analyst Bjarne
Schieldrop. "The organisation is the only reason why oil prices
today are not $20 a barrel. As such, their upcoming meeting on
Nov 30-Dec 1 is no less hugely important."