Oil prices rose on Wednesday on the back of a weaker dollar, a decline in US inventories and Britain’s approval of a second coronavirus vaccine, but both benchmark contracts remained on track for a decline of about 20% for the year.
Brent crude futures gained 15 cents to $51.25 a barrel by 1453 GMT, having started the year above $66. US West Texas Intermediate (WTI) crude had added 11 cents to trade at $48.11, down from about $62 at the start of 2020.
Both contracts turned negative briefly in early US trading as a bigger fiscal aid package in the United States looked increasingly unlikely, dampening hopes for a swifter recovery of oil demand that has been hammered by the Covid-19 pandemic.
