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.
