Oil extends rally amid coronavirus vaccine rollouts

Oil rose on Friday, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programs fed hopes that demand for fuel would rebound up next year.

Brent was up 30 cents or 0.6 per cent at $50.55 a barrel by 0752 GMT, after gaining nearly 3 per cent on Thursday. US oil was up 31 cents, or 0.7 per cent, at $47.09 a barrel, having also risen almost 3 per cent in the previous session.

The benchmarks are set for a sixth consecutive week of gains as promising vaccine trials helped quell gloom over record increases in the number of new infections and deaths around the world in the coronavirus pandemic.