According to Reuters, oil prices went higher on Thursday after the United Kingdom and the European Union announced an agreement on a post-Brexit trade deal, and due to late-day buying in a low-volume session.

The market is said to have built gains overnight as Britain and the European Union (EU) reached a post-Brexit trade deal, reversed those gains, and then rebounded during the U.S. session to end higher before Christmas.

• The U.S West Texas Intermediate (WTI0 crude CLc1 went up by 11 cents to $48.23 per barrel.
• Brent crude went up by 9 cents at $51.29

Volumes were light on the last trading day before the holiday. For the past week, U.S WET fell by 1.6% while Brent lost 2%.

The prices are said to have gone up since late October due to several vaccines progressed to approval in countries worldwide. Although the COVID-19 is still spreading, at least four drug makers expect their COVID-19 vaccines will be effective against the new fast-spreading variant of the virus that has already hit the United Kingdom, Nigeria and other countries.

The President of Lipow Oil Associates in Houston, Texas, Andrew Lipow said, “While the Brexit deal is supportive, the impact of COVID is the dominant driver in the oil market. The oil market is waiting for the wider distribution of vaccines to get the public back on the road and in the air.”