Oil prices rise as UK begins vaccinating against Covid-19

Oil experts are cautiously optimistic about a recovery in the energy sector as world powers begin vaccinating their citizens

The pandemic has negatively affected the global demand for fuel throughout the year of 2020  [Photo: AA] 
Oil prices have risen due to the United Kingdom commencing its vaccination against Coronavirus this week.

The oil market also received support from the reports that Canada approved a vaccine this week and the United States may soon recommend the use of the Pfizer/BioNTech vaccine amid rising coronavirus cases.

Brent Crude futures rose 22 cents to $49.08 a barrel while the US West Texas Intermediate (WTI) crude futures increased by 25 cents to $45.77 a barrel, reported Reuters.

The US Department of Energy Information Administration (EIA) reduced last Tuesday its expectations of the growth in international demand on oil in 2021 by 110 thousand barrels daily, to 5.78 million barrels per day.

Experts have stated that a covid vaccine could mean the end of the steady decline in the oil market demand but that there are still many hurdles before the oil market can resume its normal function as governments increase restrictions to curb the spread of COVID-19 in its second deadlier wave.

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