Vaccine Rollout Helps Boost Oil – 10 December, 2020

Oil gains extended in overnight trade as the beginning stages of the coronavirus rollout take place in some countries, reigniting hopes that demand will rise as countries begin opening up. Brent rose 0.2% or 11 cents to $50.36 per barrel having gained just under 3% the previous session. U.S. oil climbed 0.3% or 14 cents to $46.92 per barrel, also gaining almost 3% the previous session. Oil prices are on track for a sixth consecutive week of gains, with news of vaccine progress helping boost optimism of a return to normal.