Oil extends gains, Brent crude above $48

Oil prices continued to rally for the fourth straight day on Wednesday despite industry report showing a higher-than-unexpected rise in US crude stockpiles, and amid positive reports of COVID-19 vaccine trials.

So far, there have been reports of successful vaccine trials for COVID-19 from drug manufacturers Pfizer/BioNTech, Moderna and AstraZeneca.

However, any viable vaccine is not likely to be ready for mass use in the next few months. The initial availability will also be focused on doctors, elderly and people with chronic diseases.

In terms of trading, Brent crude was up 0.8% at $48.24 per barrel, at 8.50 am Makkah time.

WTI crude also rose 0.7% to $45.20 a barrel.

The American Petroleum Institute said on Tuesday that US crude stocks rose by 3.8 million barrels in the week to Nov. 20.

Official US government crude inventory data will be released later today.