Oil at 9-month high above $52 as vaccine rollout continues

(Reuters) by Laura Sanicola – 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 was up 59 cents, or 1.2%, at $$52.09 at 1:37 EDT (1737 GMT) after touching $52.25, its highest since March. U.S. West Texas Intermediate (WTI) crude was up 61 cents at $48.97 after reaching $49.18, its highest since February. “Oil prices are very healthy under the circumstances,” said Bjornar Tonhaugen of Rystad Energy. “Market euphoria has not stopped really.” 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 programs cannot be revived. “We see further expansion in risk appetite that will likely be driven by a possible U.S. stimulus agreement and a continued flow of favorable news regarding coronavirus vaccines,” said… continue reading

Continue reading Oil at 9-month high above $52 as vaccine rollout continues. This article appeared first on CTRM Center.

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