fuel

Oil prices edge up on hope vaccines will improve fuel demand

By Florence Tan

SINGAPORE, Dec 14 (Reuters)Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now.

Brent crude futures LCOc1 for February rose 8 cents, or 0.2%, to $50.05 a barrel by 0137 GMT, while U.S. West Texas Intermediate crude futures CLc1 for January were up 4 cents, or 0.1%, at $46.61 a barrel.

Oil prices have rallied for six consecutive weeks, their longest stretch of gains since June.

The United States kicked off its vaccination campaign against COVID-19, buoying hopes that pandemic restrictions could end soon and lift demand at the world’s largest oil consumer.

An extension of Brexit talks among European powers also buoyed financial markets on Monday.

CMC Markets’ chief markets strategist Michael McCarthy asked:

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