Oil rises about 1%, posts third week of gains on vaccine hopes | Reuters
Oil prices rose about 1% higher on Friday and posted a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.
Brent crude LCOc1 futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel.
The more active U.S. West Texas Intermediate (WTI) January crude contract CLc2 gained 52 cents, or 1.2% to $42.42 a barrel. The WTI contract for December CLc1, which expired on Friday, rose 41 cents, or 1%, to settle at $42.15 a barrel.
Both benchmarks gained about 5% this week.
Prospects for effective COVID-19 vaccines have bolstered oil markets this week. Pfizer Inc said it will apply to U.S. health regulators on Friday for emergency use authoritization of its vaccine, the first such application in a major step toward providing protection against the new coronavirus.
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