Oil prices increase over vaccine optimism

By Sibel Morrow and Ebru Sengul Cevrioglu

ANKARA (AA) - Oil prices increased on Monday on hopes of a vaccine rollout that may soon enable a return to economic normality.

International benchmark Brent crude was trading at $50.55 per barrel at 0657 GMT for a 1.16% rise after closing Friday at $49.97 a barrel.

American benchmark West Texas Intermediate was at $47.08 per barrel at the same time for a 1.09% increase after it ended the previous session at $46.57 a barrel.

Following the UK and Canada, the US, the world's largest oil consumer, also kicked off vaccines, which instilled hopes of a quicker demand recovery amid renewed restrictions worldwide to mitigate the increasing number of coronavirus cases.

Investors are anticipating the potential outcome of the OPEC+ joint ministerial monitoring committee (JMMC), which will be held on Wednesday.

The group will review efforts agreed at their last meeting to increase their output by 500,000 barrels per day starting from January. They will also monitor compliance with the production cut deal among the member countries.