SINGAPORE: Oil prices rose, pushing Brent back above US$50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines would lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.Brent crude futures for February rose 38 US cents, or 0.8%, to US$50.35 a barrel, while US West Texas Intermediate crude futures for January were up 32 US cents, or 0.7%, at US$46.89 a barrel.
Prices also extended gains amid supply jitters after a shipping firm said its oil tanker exploded after being hit by an external source while discharging at Jeddah port in Saudi Arabia. Brent and WTI have rallied for six consecutive weeks, their longest stretch of gains since June.
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