Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.

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Oil rose on Friday, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year.

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British wholesale gas prices rose on the back of reduced power generation in France due to a workers strike.

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Oil prices edged up on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, while a large build in U.S. crude stocks last week held gains in check.

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British prompt wholesale gas prices edged up on Wednesday morning  as imports throught the BBL pipeline fell and amid concerns about a looming strike at EDF’s French power plants.

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Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week.

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British wholesale gas prices on Wednesday were slightly higher, after losses in earlier trade, even though there was an oversupplied system and forecasts of milder weather.

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Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.

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British wholesale gas prices fell on Monday in an oversupplied market and with forecasts showing a gradual return to normal seasonal temperatures after the current cold snap.

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Oil prices slipped on Monday as the positive impact from COVID-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.

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