Oil rises on hopes for Covid-19 vaccine, declining US crude stocks
Oil prices climbed on Wednesday as hopes of an effective Covid-19 vaccine continued to bolster sentiment, while an industry report showed US crude inventories fell more than expected.
Brent crude futures rose $1.01, or 2.3% to $44.62 a barrel at 0740 GMT, while US West Texas Intermediate (WTI) crude futures added 99 cents, or 2.4%, to $42.35 a barrel. Both benchmarks gained nearly 3% on Tuesday.
“There are no signs of a correction in oil markets, with Brent and WTI rising strongly again overnight as oil traders go all-in on a vaccine-led recovery boosting demand,” said Jeffrey Halley, senior market analyst at OANDA.
