Oil rose on Wednesday as the dollar weakened, U.S. crude inventories fell and Britain approved another coronavirus vaccine,
Oil prices rise but both benchmark contracts were on track to end the year about 20% lower.
Brent crude futures were special database up 45 cents at $51.54 a barrel by 0101 GMT, having started the year above $66. U.S. West Texas Intermediate (WTI) crude was up 39 cents at $48.39, compared with $62 at the start of 2020.
Lingering concerns about coronavirus
Restrictions hitting fuel demand were met with some optimism. The U.S. dollar hit its lowest level against a basket of currencies since 2018,
making oil cheaper for holders of other currencies.
Raising hopes for a quicker return to and practical when you have normal travel and work,
Britain on Wednesday became the first country
to approve a coronavirus vaccine developed by Oxford University and AstraZeneca.
Asian shares hit record highs as investors bet on a strong economic recovery next year,
with little sign of policymakers winding down massive stimulus measures and the United States on the brink of agreeing a new package.
[MKTS/GLOB] U.S. crude inventories
Fell 4.8 million barrels last week to about 492.9 million barrels, API data showed, beating analysts’ expectations in a Reuters poll of 2.6 million barrels.
[API/S] On the supply side, the market is trust review weighed down by a Jan. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.
OPEC+ is set to raise output Oil prices rise
By 500,000 barrels per day (bpd) in January, with Russia backing another increase of the same amount in February after the group cut output in 2020 to support falling oil prices.
Oil rose on Wednesday amid a weaker dollar, a drawdown in U.S. crude stockpiles and Britain approving another coronavirus vaccine, but both benchmark contracts were set to end the year around 20% lower.