Oil prices rose on Monday, bringing the price of Brent crude to more than $ 50 a barrel.
According to Arabiya Net, this rise comes thanks to hopes that the start of using Corona virus vaccines will lead to an increase in the demand for fuel, while an explosion of an oil tanker in Saudi Arabia provoked Market tension.
Brent crude for February delivery rose 67 cents, equivalent to 1.3%, to $ 50.64 a barrel by 07:30 GMT, while West Texas Intermediate crude rose US January delivery is 62 cents, or 1.3%, to $ 47.19 a barrel.
oil gains continued amid a state of anxiety after a shipping company said that one of its oil tankers was hit by an unknown external source while unloading the ship in the port of Jeddah in Saudi Arabia .
In this context, Energy Aspects analyst Ferendra Chaahan said: The market is assessing supply disruptions from these accidents in relation to the volumes of supplies that will return from Iran, adding that The virus outbreak in the West has hurt demand. So the fluctuations in prices are not surprising, he continued.
Brent and West Texas rallied for six consecutive weeks, their longest rally since June.
The United States has launched a vaccination campaign to prevent Covid-19, reinforcing hopes that soon restrictions imposed due to the pandemic will end and increased demand in the world's largest oil consumer.
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Financial markets were also strengthened today by extending the deadline for separation negotiations between Britain and the European Union.
