Monday, November 4, 2024
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HomeEnergy/Oil and GasBrent crude trades at $50/barrel,first time since first quarter 2020

Brent crude trades at $50/barrel,first time since first quarter 2020

By Francis Ogwo

The prices of crude oil on Thursday showed remarkable resilience at the close of Thursday’s trading session in London.

Reports say Brent crude prices traded at $50/barrel reaching the highest price area since March amid positive macros coming from COVID-19 vaccines.

The Brent traded at $50.34/Barrel showing a gain of over 3%, and the U.S oil-based contract, West Texas Intermediate futures traded at $46.96/Barrel.

The gain was significantly attributed to reports showing the U.K.’s rollout of a COVID-19 vaccine and the imminent arrival of such a COVID-19 vaccine to the United States’ economy, triggering hopes of a recovery in fuel demand and eclipsing a larger-than-expected build in U.S. crude stocks during the previous week.

Brent crude oil traded around 0.53% to $49.12, while the West Texas Intermediate gained 0.62% to $45.80.

Currently, benchmarks are still trading above the $45 price mark.

Oil prices surprisingly are still rallying higher despite reports from the U.S. Energy Information Administration (EIA) showing a surge of 15.189-million-barrel for the week to December 4, much larger than the 1.424-million-barrel plunge some had earlier anticipated.

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