Oil flirts with $50 as more Covid-19 vaccines approved

Oil flirts with $50 as more Covid-19 vaccines approved

(Bloomberg) –Oil rose as more countries approved Covid-19 vaccines, boosting the demand outlook and shrugging off a bumper increase in U.S. crude inventories.

There are continuing signs of robust demand in Asia with Chinese refiners moving early to buy oil from as far afield as the North Sea. Indian Oil Corp., which has been seeking to buy spot crude cargoes in recent days, said the nation’s petroleum products consumption is almost back to normal.

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