Oil shrugs off U.S. inventory gain helped by vaccine hopes

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 74 cents, or 1.5%, at $48.60 a barrel by 1059 GMT, having risen almost 4% in the previous session.

West Texas Intermediate crude gained 58 cents, or 1.3%, to $45.49, after rising more than 4% on Tuesday.