Oil Prices Rise With The Increase in Vaccine Hopes And a Tanker Explosion in Saudi Arabia

Oil prices rose on Monday, December 14th, to push Brent above $50 a barrel again thanks to hopes that the start of using Coronavirus vaccines will lead to increased demand for fuel, while an oil tanker explosion in Saudi Arabia has caused tension in the market.

Brent crude futures for February delivery rose 67 cents, equivalent to 1.3%, to $ 50.64 a barrel by 07:30 GMT, while US West Texas Intermediate crude for January delivery rose 62 cents, or 1.3%, to $ 47.19 a barrel.

Oil gains continued amid a state of anxiety after a shipping company said that one of its oil tankers was hit by an unknown “external source”.
While unloading the ship in the port of Jeddah, Saudi Arabia.

Brent and WTI rose for six straight weeks, their longest rally since June.

The United States has started a vaccination campaign to prevent Covid-19, which raises hopes of ending restrictions imposed by the pandemic soon and increasing demand in the world’s largest oil-consuming country.

Financial markets were also boosted today by extending the deadline for separation negotiations between Britain and the European Union.