Brent crude on Thursday jumped above $50 a barrel for the first time since March with the rollout of Covid-19 vaccines outweighing concerns about swelling oil inventories.
The UK began a mass vaccination programme this week and it is expected immunisations will start soon in the US and Canada, fuelling optimism of a recovery in oil demand.
“Fast-tracking vaccinations is raising hopes that oil demand will benefit quicker,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.
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