Oil rose on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year. Brent was up 11 cents or 0.2% at $50.36 a barrel by 0427 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. “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,” said Edward Moya, senior market analyst at OANDA. Subscribe to Our Newsletter Subscribe to our newsletter and stay updated on the latest developments and special offers!

Source: Standard Digital December 11, 2020 06:45 UTC