Brent crude rose US$1.39, or 2.8%, to settle at $50.25 a barrel, gaining for a third day. U.S. West Texas Intermediate (WTI) crude rose $1.26, or 2.8%, to settle at $46.78 a barrel. Both benchmarks reached their highest levels since March, with the contracts posting session highs of $51.06 a barrel and $47.74 a barrel, respectively.
NEW YORK: Oil prices climbed nearly 3% on Thursday, with Brent surging above US$50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.
The bullish sentiment offset a large increase in U.S. crude inventories that showed there was still ample supply available.
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