KONTAN.CO.ID - LONDON. Oil gained ground on Wednesday on the back of a weaker dollar, a decline in U.S. crude oil inventories and as Britain approved another coronavirus vaccine, but both benchmark contracts were set to end the year about 20% lower. Brent crude futures rose 45 cents to US$ 51.54 a barrel by 1001 GMT, having started the year above US$ 66. U.S. West Texas Intermediate (WTI) crude added 39 cents to trade at US$ 48.39, down from around US$ 62 at the beginning of 2020. Continued concern about coronavirus-related restrictions weighing on fuel demand were countered by some bullish factors.
Oil prices up as dollar and U.S. oil inventories fall
KONTAN.CO.ID - LONDON. Oil gained ground on Wednesday on the back of a weaker dollar, a decline in U.S. crude oil inventories and as Britain approved another coronavirus vaccine, but both benchmark contracts were set to end the year about 20% lower. Brent crude futures rose 45 cents to US$ 51.54 a barrel by 1001 GMT, having started the year above US$ 66. U.S. West Texas Intermediate (WTI) crude added 39 cents to trade at US$ 48.39, down from around US$ 62 at the beginning of 2020. Continued concern about coronavirus-related restrictions weighing on fuel demand were countered by some bullish factors.