Oil Gets A Boost From Vaccine News – 25 November, 2020

An unexpected fall in U.S. oil inventories caused prices to rise for a fifth session, helped by the news of a possible coronavirus vaccine and the hope that the end to the virus will increase fuel demand. Brent futures were 0.9% or 45 cents higher at $49.06 per barrel, having gained 1.6% the previous session. West Texas Intermediate was up 0.7% or 34 cents to $46.05 per barrel after gaining 1.8% the previous session. For the week, both benchmarks are up roughly 9% after positive results from multiple COVID-19 vaccine trials. U.S. stockpiles were 754,000 barrels lower, with WTI’s Oklahoma delivery point reporting a 1.7 million barrel fall.