Brent crude rose above $57.00/bbl in January for the first time in 11 months, reaching a high of $57.30/bbl as the rollout of covid-19 vaccinations boosted market optimism.

GBP was volatile in January, fluctuating between 1.35 and 1.37 against USD, as damage caused by the UK’s third national lockdown was offset by high vaccination figures.

Reuters reports oil and gas companies significantly reduced searches for new fossil fuel resources in 2020, as focus continues to shift to renewables following falling profits.