Oil rose on Friday, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year.
Brent was up 30 cents or 0.6% at $50.55 a barrel by 0752 GMT, after gaining nearly 3% on Thursday. U.S. oil was up 31 cents, or 0.7%, at $47.09 a barrel, having also risen almost 3% in the previous session.
The benchmarks are set for a sixth consecutive week of gains as promising vaccine trials helped quell gloom over record increases in the number of new infections and deaths around the world in the coronavirus pandemic.
President Energy plc (LON:PPC) is an independent oil and gas company focusing primarily on high margin production opportunities in Latin America.