Oil prices rise as vaccine drives

Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and US fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm.

Brent crude oil futures for May rose 55 cents, or 0.8%, to $68.45 a barrel by 0328 GMT, while US West Texas Intermediate crude for April was up 52 cents, or 0.8%, at $64.96.

“Gasoline stocks fell… (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery,” said Stephen Innes, Chief Global Markets Strategist at Axi.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.

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