Oil edges higher after Brexit trade deal, gains capped by pandemic

CALGARY, Alberta/LONDON (Reuters) -Oil prices inched higher on Thursday, helped by late-day buying in a low-volume session to close out the week.

The market built gains overnight as Britain and the European Union reached a post-Brexit trade deal, reversed those gains, and then rebounded during the U.S. session to end modestly higher.

U.S West Texas Intermediate (WTI) crude settled up 11 cents to $48.23 a barrel, while Brent crude futures settled 9 cents higher at $51.29. Volumes were light on the last trading day before the Christmas holiday.

For the week, U.S. crude fell 1.6% while Brent lost 2%.