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Oil is on its way to gain weekly with the launch of coronavirus vaccines

by Bunkerist
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Oil prices eased on Friday, but with the introduction of coronavirus vaccination programs is on the way to a sixth-week gain, as the rising fuel demand inreases the hopes that demand will recover next year.

Brent was down 19 cents or 0.4% at $50.06 a barrel by 0946 GMT, after rising above $51 a barrel on Thursday to an early-March high.

West Texas Intermediate (WTI) oil was down 11 cents, or 0.2%, at $46.67 a barrel, having risen almost 3% in the previous session.

Promising vaccine trials somewhat relieved the gloom created by the growing number of new coronavirus infections and deaths around the world.

US Food and Drug Administration external consultants approve emergency use of the Pfizer vaccine, paved the way for the vaccine to be allowed for use by a nation that lost more than 285,000 citizens due to COVID-19.

The data showed a huge jump in US crude inventories last week, but the bulls that appeared in the stock market did not mind it.

Signs of strong demand in Asia encourages the market.

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