Oil prices gain on vaccine cheer
Picture used for illustrative purpose. File
Gulf Today Report
Oil jumped on Friday as investors remain hopeful for an increase in crude demand due to the rollout of coronavirus vaccine.
Brent was up 11 cents or 0.2% at $50.36 a barrel by 04:27 GMT, after gaining nearly 3% on Thursday. US oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen almost 3% in the previous session.
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Prices have gained for six consecutive weeks as vaccine rollout boost investors’ confidence despite the increase in coronavirus cases.
Edward Moya, senior market analyst at OANDA said, "crude prices are surging in anticipation of the FDA's potential approval of Pfizer’s vaccine, as Asia's economic recovery is making Chinese and Indian refiners acquire more oil."
