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Oil Closes Higher on Vaccine Optimism

M. Ali 11 December, 2020 12:24 am Commodities, Market Update

Oil prices rose on Thursday, supported by a positive investors’ sentiment regarding Coronavirus vaccines.

The global benchmark, Brent crude futures rose above the $50 a barrel mark for the first time since March, adding $1.53, or 3.13%, to settle at $50.39 per barrel.

Meanwhile, the US benchmark West Texas Intermediate (WTI) surged by $1.37, or 3.01%, to finish at $46.88, in its highest closing level since early March.

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