NEW YORK: Oil prices climbed nearly 3% on Thursday, with Brent surging above US$50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.
The bullish sentiment offset a large increase in U.S. crude inventories that showed there was still ample supply available.
Britain began vaccinations this week and the United States could start inoculations as soon as this weekend. Canada on Wednesday approved its first vaccine and said initial shots would be delivered starting next week.
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