Oil rose for a fourth straight day on Wednesday, shrugging off an industry report showing a higher-than-unexpected rise in US crude stockpiles and extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand.
Brent crude was up 54 cents, or 1.1%, at $48.40 a barrel by 0247 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 47 cents, or 1.1%, to $45.38 a barrel, after rising more than 4% on Tuesday.
Both contracts are at their highest since early March and have rallied nearly 10% in the last four days.
“The broader market is in de-risk mode as we now have three effective vaccines that can combat the virus,” said Kevin Solomon, energy economic analyst at StoneX.
