Oil set for third week of gains on vaccine hopes

Oil prices firmed on Friday, and were on track for a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Prospects for effective COVID-19 vaccines and hopes OPEC and its allies will keep production in check have bolstered oil markets this week.

Brent crude futures were up 31 cents, or 0.7%, at $44.51 a barrel at 1357 GMT.