Oil is Rising, And Hopes For The Vaccine Suggest an Increase in US Stocks

Oil prices rose on Wednesday, December 9th, to reduce crude losses incurred earlier, amid positive news about Covid-19 vaccines that boosted investors’ hopes for a recovery in fuel demand, which overshadowed concern about an unexpected jump in US oil stocks last week.

Brent crude rose 11 cents, equivalent to 0.2%, to $ 48.95 a barrel after gaining five cents yesterday. US West Texas Intermediate crude rose 9 cents, equivalent to 0.2%, to $ 45.69, after losing 16 cents on Tuesday.

The American Petroleum Institute said yesterday that crude, gasoline and derivatives inventories increased significantly last month, and crude stocks jumped 1.14 million barrels, compared to analysts’ expectations, a decrease of 1.42 million barrels.