Oil prices near $50 as coronavirus vaccine fuels demand recovery hopes

Oil prices climbed as news about Covid-19 vaccines lifted investor hopes for a recovery in fuel demand and the dollar, in which oil is traded, reached 2 1/2-year lows. 

Brent crude rose 51 cents, or 1 per cent, to $49.35 a barrel by 7:35 pm IST. West Texas Inter-mediate (WTI) crude climbed 51 cents, up 1 per cent, to $49.35. 

The dollar fell on Wednesday as vaccine progress boosted risk appetite amid prospects of more US fiscal stimulus.