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Oil Maintains Gains for Fourth Day in Row

M. Ali 18 December, 2020 1:33 am Commodities, Market Update

Oil prices finished higher on Thursday, maintaining their best level in about nine months, supported by positive news about the rollout of Coronavirus vaccines.

Today marked the fourth consecutive daily gain for crude futures, amid anticipation for a new stimulus package in the United States.

Brent crude futures for February delivery gained 42 cents, or 0.8%, to close at $51.50 per barrel.

This is the highest closing level for the global benchmark’s most active contracts since March 3.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery added 54 cents, or 1.1%, to settle at $48.36 per barrel.

This is the highest closing level for the US benchmark crude futures since February 26.

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