The price of Brent oil, the main international oil contract, hit $50 for the first time in nine months Thursday on greater economic confidence as the roll out of Covid-19 vaccines gets underway.

Amound 1445 GMT the price of Brent for February delivery was up by 2.4 percent to $50.05.

Meanwhile, the main US contract, WTI for January delivery, hit its highest level since March 5 at $46.71.