Oil prices rose early on Monday after the U.S. FDA approved the Pfizer-BioNTech vaccine for emergency use and shipments of batches of vaccine vials began this weekend, with first vaccinations expected as early as on Monday.
As of 9:04 a.m. ET today, WTI Crude prices had gained 1.67 percent at $47.34, and Brent Crude was trading at above the $50 a barrel mark, at $50.69, up by 1.48 percent on the day.
Last Thursday, Brent Crude hit $50 a barrel for the first time since oil prices had crashed in early March, as hopes of swifter-than-thought vaccine rollout fueled bullish expectations of strengthening oil demand early next year.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.