hope

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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Sterling rises on hope for Brexit deal, dollar swoons before Fed

By Stanley White



a group of people posing for a photo: Pound and U.S. dollar bills are seen in this illustration


© Reuters/Dado Ruvic
Pound and U.S. dollar bills are seen in this illustration

TOKYO (Reuters) – The British pound rose against the dollar and the euro on hopes that Britain and the European Union will secure a free trade agreement after their decision to extend negotiations beyond the Sunday deadline.

The dollar eased slightly ahead of a U.S. Federal Reserve meeting ending Wednesday where policymakers are expected to increase purchases of longer-dated Treasuries to contain a rise in yields.

The rally in sterling may not last, some analysts warn, because Britain and the EU have repeatedly struggled to narrow their differences and there is still a risk that trade and business will be thrown into chaos without an agreement.

“This is a temporary move higher in the pound, but it is still not clear that a no-deal scenario can be avoided,” said Junichi Ishikawa, senior foreign exchange

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