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Oil prices extend gains

Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.

Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will continue to restrain production.

Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.