Oil prices rally further on vaccine optimism despite inventory rise

Oil prices rally further on vaccine optimism despite inventory rise
  • Clock-gray 08:18
  • calendar-gray 25 November 2020

Oil rose for a fourth straight day on Wednesday, shrugging off an industry report showing a higher-than-unexpected rise in U.S. crude stockpiles and extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

Brent crude was up 54 cents, or 1.1%, at $48.40 a barrel by 0247 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 47 cents, or 1.1%, to $45.38 a barrel, after rising more than 4% on Tuesday.

Both contracts are at their highest since early March and have rallied nearly 10% in the last four days.

apa-logo-mini

Other news