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CALGARY, Alberta / LONDON – Oil prices rose on Thursday, helped by buying later in the day in a low-volume session to close the week.
The market accumulated gains overnight, with Britain and the European Union reaching a post-Brexit trade deal, reversing those gains and then rebounding during the US session to end modestly high.
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US West Texas Intermediate (WTI) crude oil CLc1 hit 11 cents to $ 48.23 a barrel, while Brent crude futures closed 9 cents higher at $ 51.29. Volumes were low on the last trading day before the Christmas holiday.
Oil prices soared on Thursday, helped by the purchase later in the day in a low-volume session for the close of the week. (Getty Images)
Markets have recovered sharply since the end of October, as vaccines advanced for approval in several countries. Worldwide, infections are still growing and investors’ prospects will be obscured by the pandemic for several months.
“While the Brexit deal is favorable, the impact of COVID is the dominant driver in the oil market,” said Andrew Lipow, president of Lipow Oil Associates, in Houston, Texas. “The oil market is waiting for a wider distribution of vaccines to put the public back on the road and in the air.”
New strains of the coronavirus, which appear to spread the disease more quickly, have hit the UK, Nigeria and other countries.
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At least four drug makers expect their COVID-19 vaccines to be effective against the new spread of the virus’s rapid spread that is spreading in Britain and are conducting tests that should provide confirmation in a few weeks.
By closing a deal with Brexit, Britain avoids a chaotic exit from one of the largest trading blocs in the world, a move that many investors have warned would have generated more volatility in the financial markets.