Oil prices rise as U.S. crude stock draw supports but demand hopes dim | Reuters

Oil prices rise as U.S. crude stock draw supports but demand hopes dim | Reuters

Oil prices settled higher on Wednesday, supported by a draw in U.S. crude inventories and Britain’s approval of a second coronavirus vaccine but pressured by swelling year-over-year supply.

Brent crude futures settled up 25 cents to $51.34 a barrel, off the session high of $51.56 and well lower than the $66 price that started the year.

U.S. West Texas Intermediate (WTI) crude settled up 40 cents to trade at $48.40, substantially down from about $62 at the start of 2020.

Both contracts slipped early the session as a bigger fiscal aid package in the United States looked increasingly unlikely, dampening hopes for a swifter recovery of oil demand that has been hammered by the COVID-19 pandemic.