Oil price rally builds steam as coronavirus vaccine rollouts begin

Oil rose around 1% on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.

Brent was up 45 cents or 0.9% at $50.70 a barrel by 0121 GMT, after gaining nearly 3% on Thursday. US oil was up 50 cents, or 1%, at $47.28 a barrel, having also risen almost 3% in the previous session.

That leaves prices 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.