Oil prices advance further on coronavirus vaccine rollouts

Oil prices extended their overnight rally on Friday, with Brent breaching its $50 record for the first time in nine months. This followed after coronavirus vaccine rollouts brought hopes that 2021 will witness an upbeat demand for crude.

Brent advanced 11 cents to trade 0.2% higher by 0427 GMT. Currently quoted at $50.36 per barrel, it jumped after a 3% gain on Thursday. U.S. oil, on the other hand, soared 14 cents after increasing about 3% in its previous trading session.

The series of increases placed prices on course for a sixth consecutive week of gains. In addition to this, encouraging news about coronavirus vaccines eased the market from its virus-driven pressure as new infections and deaths soared globally. In a bid to combat the pandemic, Britain started its inoculations this week, while the United States could begin this coming weekend.