Oil prices climbed on Wednesday as hopes of an effective COVID-19 vaccine continued to bolster sentiment and an industry report showed U.S. crude inventories fell more than expected.
Brent crude LCOc1 rose $1.17, or 2.7%, to $44.78 a barrel at 0925 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 added $1.17 cents, or 2.8%, to $42.53 a barrel. Both benchmarks gained nearly 3% on Tuesday.
“This week’s news about a coronavirus vaccine was encouraging and, alongside short-covering activity, strongly supported oil prices on Monday and Tuesday,” said Giovanni Staunovo, oil analyst for UBS.
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