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MELBOURNE- Oil prices rose in early trade on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States, which could spur a rebound in fuel demand, despite a large build in US crude stocks last week.
US West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.5 percent, to $45.75 a barrel, while Brent crude futures climbed 21 cents, or 0.4 percent, to $49.07 a barrel. Prices were little changed overnight.
“Optimism over the vaccine prevails and continues to limit any serious downside action,” Axi chief market strategist Stephen Innes said in a note.
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