Oil benefits from vaccine distribution despite weak fundamental factors
Brent crude managed to break above $50 a barrel for the first time since March, reflecting hopes for coronavirus vaccine distribution. On the other hand, yesterday's inventories data showed the highest increase since April, which suggests limited demand for crude oil. There are also further restrictions related to the pandemic. The key aspect for oil prices at present is the actual performance of the vaccine and its relatively quick distribution.
Brent crude is trading above $50 a barrel for the first time since March. Source: xStation5
