Oil Closes Higher and WTI Finishes at Highest Level in 11 Months

Oil prices returned to gains on Thursday, finishing higher on the back of the rollout of Coronavirus vaccines and positive sentiment towards the expected increase in government stimulus spending in the United States as planned by the new administration.

Brent crude futures for March delivery gained 36 cents, or 0.6%, to close at $56.42 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery settled higher by 66 cents, or 1.3%, at $53.57 per barrel, which is the highest level for the U.S. benchmark crude most active futures since February 20.

Earlier today, the Organization of the Petroleum Exporting Countries (OPEC) maintained its expectations for the growth of the global demand for oil in 2021 unchanged from its previous monthly report.