Oil climbs on demand hopes following days of sell-off

Oil prices climbed on Wednesday, lifted by demand hopes on progress in U.S. vaccine rollouts, while uncertainty about OPEC+ supply and a massive build in U.S. crude inventories capped gains.

U.S. West Texas Intermediate crude futures climbed 0.3%, or 18 cents, at $59.93 per barrel, bouncing from three consecutive days of losses.

Brent crude futures gained 0.46%, or 29 cents, at $62.99 per barrel, up from four days of declines. Both contracts fell in early Asian trade. 

Analysts said that demand recovery is within sight thanks to vaccine rollouts. President Joe Biden said that the United States will have enough COVID-19 vaccine for each American adult by the end of May. 

Traders’ focus is on OPEC’s Thursday meeting, where the group will discuss allowing another 1.5 million bpd of crude supply back to the market.