Oil hits highest level since February, posts 7th straight week of gains
Oil hit a nine-month high on Friday and was headed for a seventh straight weekly gain as investors focused on the rollout of COVID-19 vaccines and looked past rising coronavirus cases across the world.
Pfizer has applied for approval in Japan for its vaccine, which is being used in the United Kingdom and the United States. U.S. Vice President Mike Pence said U.S. approval for Moderna’s shot could come later on Friday.
Brent crude gained 1.48% to settle at $52.26 per barrel. U.S. West Texas Intermediate (WTI) crude settled 1.53% higher at $49.10 per barrel.
U.S. lawmakers are trying to agree a coronavirus relief package but a new potential roadblock emerged as some Senate Republicans insisted on language ensuring that expiring Federal Reserve lending programmes cannot be revived.
Reference: CNBC
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