Oil extends gains on vaccine hopes, shrugs off US inventory build
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.
Brent crude was up 53 cents, or 1.1%, at $48.39 a barrel by 0956 GMT, having risen almost 4% in the previous session.
West Texas Intermediate crude gained 38 cents, or 0.8%, to $45.29, after rising more than 4% on Tuesday.
“Crude oil prices are trading at their highest levels since early March, supported by positive market sentiment as a result of vaccine news and strong oil demand in Asia,” said UBS oil analyst Giovanni Staunovo.
