London — Oil surged above $50 a barrel on Thursday for the first time since early March as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in U.S. crude inventories that showed there was still ample supply available.
Britain began vaccinations this week and they could start as soon as this weekend in the United States. Canada on Wednesday approved its first vaccine and said initial shots would be delivered starting next week.
Brent crude was up $1.51, or 3%, at $50.37 a barrel at 1501 GMT, rising for a third day. U.S. West Texas Intermediate (WTI) crude rose $1.46 cents, or 3.2%, to $46.98.