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Oil prices set to test $80 threshold | Hellenic Shipping News Worldwide
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Oil prices set to test $80 threshold
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Dubai: Global crude prices have stayed firmly above $50 as traders and investors were encouraged by progress made in COVID-19 vaccine approvals and rollouts. And there’s more good news coming their way.
Brent crude was trading at $52.26, its highest since March. Meanwhile, US crude prices were up 1.5 per cent at $49.08, reaching levels only seen before in February.
“Overall it has been another good week for oil, which seems able to go into the Christmas week with yet another coat of weekly gains,” said Bjornar Tonhaugen, Rystad Energy’s Head of Oil Markets.
“Market euphoria has not stopped really, as more vaccine news are anticipated in coming weeks, more approvals, wider campaign rollouts and these are all music to the traders’ ears,” he added.