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  • global oil prices jumped Friday to their highest in a year.

  • The price gains came amid growing hopes the U.

  • S will pass a massive economic stimulus plan which could revive demand across the board, especially for refined products such as gasoline, diesel and jet fuel.

  • Demand hopes are also being fueled by the vaccine.

  • Roll out Traders are betting global oil consumption will pick up when vaccination levels get to a point where governments ease locked down restrictions.

  • The global health crisis has kept people close to home, severely limiting the need to travel, sending oil demand into the dumps.

  • But even as vaccine hopes fuel talk of a rebounding energy use, OPEC doesn't expect oil consumption to return to pre crisis levels until next year.

  • That's why the world's group of leading oil producing nations has cut supply in order to keep a floor under prices.

  • OPEC and its allies, known as OPEC Plus, maintained their production cut at a meeting earlier this week.

global oil prices jumped Friday to their highest in a year.

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