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Oil Prices Increase Amidst Hopes for Stimulus

Oil prices increased on Thursday, amid hopes over further stimulus from governments and central bankers around the globe that could support the global economic recovery from the COVID-19 pandemic.

At the same time, the market continues to price in optimism on vaccine progress after the US government had agreed to buy 100 million of the cure from Pfizer and BioNTech.

However, gains were capped by an unexpected rise in US crude oil reserves; a fresh dispute between the US and China, with Beijing considering closing the US consulate in Wuhan after Washington’s decision to shut Chinese consulate in Houston.; and fears over a resurgence in virus infections.

At around 05:00 AM GMT, WTI crude rose 0.3% to $42.04 a barrel. Brent crude also advanced 0.3% to $44.41 a barrel.

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