Oil prices on Friday rose above $50 a barrel for the first time since March, as the Covid-19 vaccination rollouts to keep hopes alive of rise in the crude oil demand to be built up next year.
After gaining 3 per cent on Thursday, Brent was trading up 11 cents about 0.2 per cent at $50.36 a barrel. US oil also gained almost 3 per cent and was trading up 14 per cent or 0.3 per cent at $ 46.92 a barrel in the previous session, marking a sixth consecutive week gains. The promising vaccine trials raised the hopes around the world for a potential Covid-19 vaccine shot to fight against the infectious coronavirus disease.
On Tuesday, Britain became the first country to roll out COVID-19 vaccine with a 90 year-old woman to receive the first Pfizer-BioNTech Covid-19 vaccine shot. The US could start vaccinations from the coming weekend as the vaccine met the expectations for emergency use. While Canada has approved the vaccine on Wednesday, with initial shots due from the next week. Outside advisers of the US Food and Drug Administration (FDA) have voted to endorse the emergency use of vaccine for a nation that has lost more than 285,000 lives due to Covid-19.