Oil rises, as investors focus on vaccine rollout, brush off recovery concerns
Oil prices rose on Tuesday as investors focused on the rollout of COVID-19 vaccines, looking past tightening lockdowns in Europe and forecasts for a slower-than-expected recovery in fuel demand.
Brent crude settled at $50.76 a barrel, rising 47 cents, or 0.9%. U.S. West Texas Intermediate (WTI) crude settled at $47.62 a barrel, gaining 1.3%, or 63 cents.
The United States began vaccinating people on Monday as the country’s COVID-19 death toll crossed the 300,000 mark. Britain and Canada have also begun to administer shots.
Crude oil throughput rose by 3.2% year-over-year in China in November,a record. That helped investor sentiment about coming increases in fuel demand, said Phil Flynn, senior analyst at Price Futures Group in Chicago. China has been one of the rare countries where oil demand has fully recovered from earlier this year.
Reference: CNBC
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