Brent crude climbs back above $50 for first time since March

Baku, December 11, AZERTAC

Brent crude on Thursday jumped above $50 a barrel for the first time since March with the rollout of Covid-19 vaccines outweighing concerns about swelling oil inventories. The UK began a mass vaccination programme this week and it is expected immunisations will start soon in the US and Canada, fuelling optimism of a recovery in oil demand.

Brent crude, the international oil benchmark, rose 4.3 per cent to $50.95 a barrel in afternoon trading in London. West Texas Intermediate, the US marker, increased 4.6 per cent to $47.63 a barrel.

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