Business Standard

Oil prices set for weekly gain amid coronavirus vaccine rollouts

Brent was up 30 cents or 0.6 per cent at $50.55 a barrel by 1:22 pm IST, after gaining nearly 3 per cent on Thursday

crude oil prices
Premium

A big jump in US crude stockpiles served as a reminder that there is still plenty of supply available, but was all but ignored as bulls ran through the market this week

Reuters Tokyo
Oil rose on Friday, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year.

Brent was up 30 cents or 0.6 per cent at $50.55 a barrel by 1:22 pm IST, after gaining nearly 3 per cent on Thursday. US oil was up 31 cents, or 0.7 per cent, at $47.09 a barrel, having also risen almost 3 per cent in the previous session.

The benchmarks are set for a sixth consecutive week of gains as promising vaccine

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in