Oil prices hit $50/barrel for the first time since March

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Crude oil prices showed remarkable resilience at the close of Thursday’s trading session in London.

Brent crude prices were trading at $50/barrel touching the highest price area since March amid positive macros coming from COVID-19 vaccines.

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At the time of writing this report, Brent Crude traded ay $50.34/Barrel showing a gain of over 3%, and the U.S oil-based contract, West Texas Intermediate futures traded at $46.96/Barrel.

Fears over an attack on an Iraqi oilfield also lent boosted oil prices north.

Crude oil prices interestingly gain came a day after the U.S. government reported a massive surge in domestic crude oil inventories for last week. U.S. crude stockpiles gained by 15.2 million barrels for the week ended Dec. 4, the Energy Information Administration said, versus oil experts expectations for a 1.42 million-barrel drawdown instead.