Oil rises as US vaccine progress raises demand expectations

Oil prices rose on Wednesday as signs of progress in the COVID-19 vaccine rollout in the United States, the world’s biggest consumer, raised demand expectations.

U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.25%, to $59.90 a barrel by 0757 GMT, recovering from three days of losses.

Brent crude futures rose 24 cents, or 0.38%, to $62.94 a barrel after four days of losses.

“Ongoing stimulus measures, as COVID-19 vaccinations speed up, have boosted sentiment,” ANZ analysts wrote in a note.