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Oil price rally builds steam as coronavirus vaccine rollouts begin

Oil rose on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.

Brent was up 11 cents or 0.2% at $50.36 a barrel by 0427 GMT, after gaining nearly 3% on Thursday. US oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen almost 3% in the previous session.

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