Oil dips, heads for weekly gain as vaccine rollouts support

Oil dips, heads for weekly gain as vaccine rollouts support

Agencies | London

The Daily Tribune – www.newsofbahrain.com

Oil dipped towards $51 a barrel on Friday though still headed for a seventh weekly gain in a row as investors focused on the rollout of COVID-19 vaccines and looked past rising case numbers and tighter lockdowns in Europe.

Pfizer has applied for approval in Japan for its vaccine, which is being used in the United Kingdom and the United States. The U.S. Food and Drug Administration is also working towards approving Moderna's shot, Reuters reported.

Brent crude was down 22 cents, or 0.4%, at $51.28 at 1118 GMT, near the nine-month high of $51.90 hit on Thursday. U.S. West Texas Intermediate (WTI) crude, which also reached its highest since March on Thursday, fell 12 cents or 0.3%, to reach $48.24.

“Bullish momentum is taking a breather,” said Stephen Brennock of oil broker