For the first time since March 2020, crude oil futures penetrated the $ 50 a barrel price mark, marking the commodity market's recovery from the Covid-19 pandemic crisis that has shattered fuel demand worldwide.
The reassuring prospects for the Covid-19 vaccine, which will begin distribution earlier this week, have supported crude oil trade to strengthen amid still weak demand.
In the Asian session, Brent crude futures rose to $ 50.14 a barrel, while the US WTI rose to $ 46.72 a barrel.
Since the positive news about the vaccine was announced, oil prices have risen for six consecutive weeks, their longest increase since June.
The United States is expected to begin its vaccination campaign as early as today, hoping that coronavirus restrictions in some areas will end soon and raise the demand for the world's largest oil consumer.
In addition, the price hike was supported by a US coronavirus assistance plan in which a group of bipartisan legislators prepared to launch a $ 908 billion boost on Monday, though there was no guarantee it would be approved by Congress.
