Oil Surpasses $50 And Optimism About a Vaccine Overshadows Fears of Isolation Measures

Oil prices rose above $50 on Tuesday (December 15th), as the start of Coronavirus vaccination campaigns favored the tightening of general isolation measures in Europe and expectations of a slower recovery in demand.

The United States began vaccination campaigns on Monday, while the deaths due to the pandemic exceeded 300,000. Britain and Canada have also launched vaccination campaigns.

Brent crude rose 14 cents, equivalent to 0.3%, to $ 50.43 a barrel. US West Texas Intermediate crude futures increased 14 cents to $ 47.13 a barrel.

Oil has recovered in the past few weeks, and Brent reached $ 51.06 on December 10, the highest level since March, supported by hopes for a recovery in demand. Prices fell to unprecedented low levels in March as the pandemic spread.

London has tightened restrictions, ordering bars and restaurants to close, and Italy is considering tougher steps for the Christmas holidays, and stores in Germany are likely to close until early 2021.