Oil Rising on Increasing Optimism About Vaccine

Oil rose for the fourth session in a row on Wednesday, November 25, as the market ignored a report by the sector that showed that US crude stocks rose more than expected, continuing this rise supported by hopes that a vaccine for Covid-19 would support oil demand.

By 0616 GMT, Brent crude was up 38 cents, or 0.8%, to $ 48.24 a barrel, after a 4% rise in the previous session. West Texas Intermediate crude rose 27 cents, or 0.6%, to $ 45.18, after it gained more than 4% on Tuesday, and both contracts are at their highest levels since early March and have risen about 9% in the last four sessions.