Oil rose further above $50 a barrel on Tuesday as optimism from the roll-out of coronavirus vaccines balanced out tighter lockdowns in Europe and forecasts of a slower demand recovery.
The U.S. began vaccinating people on Monday as the country’s COVID-19 death toll crossed the 300,000 mark. Britain and Canada have also begun to administer shots.
Brent crude was up 14 cents, or 0.3% at $50.43 a barrel at 1435 GMT. U.S. West Texas Intermediate (WTI) crude was up 26 cents at $47.25.
Oil prices have recovered in the past few weeks, with Brent reaching $51.06 on December 10, its highest since March, supported by hopes of a recovery in demand.
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