Oil prices rise, WTI crude nears $46

Oil prices continued to climb for the fifth consecutive day on Thursday after government data showed a decrease in US crude inventories, and as positive COVID-19 vaccine trials continued to support demand recovery hopes.

Encouraging vaccine results are “pushing aside concerns of enduring containment measures and prompting some follow-through buying from the speculative community,” Reuters reported, citing note from Citigroup Global Markets.

Meanwhile, coronavirus cases continue rise, with the US recording 2.3 million new infections in the past two weeks.

In terms of trading, Brent crude was up 0.6% at $48.88 per barrel, at 9 am Makkah time.

WTI crude also rose 0.5% to $45.92 a barrel.