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Oil Trades $63 Amid Hopes for Improving Demand

Oil prices rose on Wednesday, amid hopes for improving global demand after President Joe Biden said that America will have enough COVID-19 vaccine doses by the end of May, two months earlier than the target.

The leader also mentioned that drugmaker Merck will help produce rival Johnson & Johnson’s newly approved one-shot vaccine.

Traders paid little to no attention to the API data showing a massive build in US crude inventories last week. Market participants now look towards weekly inventory data from the US EIA later in the day. Investors also await the result of the upcoming OPEC+ meeting.

The market widely expects the group to ease output cuts by about 1.5 million barrels per day, with Saudi Arabia ending its voluntary production cut of 1 million barrels per day, according to Reuters.

At around 07:15 AM GMT, WTI crude gained 0.5% to $60.04 a barrel, while Brent oil rose 0.6% to $63.06 a barrel.

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