Crude oil

Oil Prices Recovering on Covid-19 Vaccine Optimism

WTI crude futures rebounded from earlier losses to trade higher at $46.1 a barrel on Wednesday, amid optimism over coronavirus vaccines and renewed hopes a new stimulus bill in the US could be approved soon.

US FDA said Pfizer/BioNTech Covid-19 vaccine “met the prescribed success criteria” clearing it for emergency use approval while the UK rolled out the first doses to the public on Tuesday.

Meanwhile, Treasury Secretary Steven Mnuchin talked with House Speaker Nancy Pelosi about a $916 billion stimulus plan. On the other hand, an unexpected jump in US crude oil inventories last week capped gains.

API data showed crude stocks rose by 1.141 million barrels, compared to forecasts of a 1.514 million drop. Investors now await EIA figures to be released later in the day.

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