Oil rose above $49 a barrel on Thursday as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in US crude inventories that showed there was still ample supply available.
Britain began vaccinations this week and they could start as soon as this weekend in the United States. Canada on Wednesday approved its first vaccine and said initial shots would be delivered starting next week.
Brent crude was up 80 cents, or 1.6%, at $49.66 a barrel at 1131 GMT, rising for a third day. US West Texas Intermediate (WTI) crude rose 73 cents, or 1.6%, to $46.25.
