Oil prices climb above $1 as US output struggles

Gulf Today Report 

Oil prices rose above $1 on Tuesday, supported by optimism of COVID-19 vaccine rollouts and lower output as US supplies slowly return after a deep freeze in Texas.

Brent crude was up $1.10, or 1.7%, at $66.34 a barrel by 04:37 GMT while US crude rose 92 cents, or 1.5%, to $62.62 a barrel. Both benchmarks recorded more than 2% growth on Tuesday. 

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Stephen Innes, chief global markets strategist at Axi said, "the positive momentum continues in the Oil complex, with investors unabashedly predisposed to a bullish view."

"The global Oil demand is looking a lot better now that the Pfizer vaccine shows positive results after one dose, the UK sees the end of the pandemic 'in sight', and as hospitalizations and deaths continue to decline after peaking in early January," said Edward Moya, senior market analyst at OANDA in New York.