Oil prices rise to 9-month high, Brent crude pushes past $50 a barrel

Oil rose 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 11 cents or 0.2% at $50.36 a barrel by 0427 GMT, after gaining nearly 3% on Thursday. U.S. oil was up 14 cents, or 0.3%, at $46.92 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.