Oil prices gain on hope for a vaccine-led economic revival

Gulf Today Report

Oil prices soar on Monday, propelling Brent to above $50 a barrel, as markets remain hopeful for a coronavirus vaccine increasing fuel demand, tanker explosion in Saudi Arabia pushes the market on the edge.

Brent crude futures for February rose 38 cents, or 0.8%, to $50.35 a barrel by 04:54 GMT, while US West Texas Intermediate crude futures for January were up 32 cents, or 0.7%, at $46.89 a barrel.

Oil prices surged due to nerves after an oil tanker exploded in Jeddah port, Saudi Arabia.

Brent and WTI have advanced for six straight weeks, the longest stretch of gains since June.

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The United States has started its campaign against COVID-19 with markets remaining optimistic that restrictions will be lifted soon and oil demand lifted.

Extended Brexit talk has kept afloat the financial markets on Monday.

Investors are also waiting for the outcome of the upcoming OPEC+ joint ministerial committee (JMMC) meeting and OPEC + meeting.

Energy firms in the United States are moving at a rapid pace, adding the most oil and natural gas rigs in a week since January.

Two separate fires occurred at Nigeria's Qua Iboe crude oil export terminal and an oil pipeline in Iran on Sunday but the incidents have mostly been contained.