Brent crude rises 1% to cross $51.5 barrier

Oil prices rallied on Thursday, rising to a nine-month high after US government data showed that crude stockpiles fell last week and amid positive developments in terms of coronavirus vaccine.

Energy Information Administration data showed that oil production in the United States fell for the first time since the end of October last week.

The US Federal Reserve also pledged to continue purchasing assets at a rate of at least $120 billion per month, until there is significant progress in the target of reaching full employment and price stability levels.

In terms of trading, international benchmark Brent crude was trading up 1.1% at $51.65 per barrel, at 9 am Makkah time.

WTI crude also rose 1.3% to $48.42 a barrel.