REUTERS

Crude climbed on Wednesday after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies of the energy resource.

Brent crude futures rose 42 cents, or 0.6%, to $64.09 a barrel at 0421 GMT, after gaining 39 cents on Tuesday, as reported by Reuters.

U.S. West Texas Intermediate (WTI) crude futures added 40 cents, or 0.7%, to $60.58 a barrel, following Tuesday's rise of 48 cents.

Read alsoGerman environmentalists file another lawsuit vs Nord Stream 2Signs of a strong economic recovery in China and the United States have underpinned recent oil price gains, but concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil have capped gains.

A lower greenback, which hit three-week lows on Wednesday, makes crude purchases cheaper for countries using other currencies.

The Organization of the Petroleum Exporting Countries (OPEC) tweaked up its forecast on Tuesday for world oil demand growth this year, now expecting demand to rise by 5.95 million barrels per day (bpd) in 2021, up by 70,000 bpd from its forecast last month. It is banking on the pandemic to subside and travel curbs to be eased.

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