Oil prices rose on Wednesday, boosted by demand hopes on progress made in U.S. vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting and a big build in U.S. crude stocks capped gains.
U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 0356 GMT, recovering from three days of losses, as reported by Reuters.
Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel, up from four days of losses.
Read alsoNBU: Ukraine's foreign trade balance in Jan sees $260 mln surplusBoth futures had dipped in Asia's early morning trading.
Demand recovery hopes thanks to the rollouts of vaccine kept oil prices supported, analysts said.
The U.S. will have enough COVID-19 vaccine for every American adult by the end of May, President Joe Biden said on Tuesday after Merck & Co agreed to make rival Johnson & Johnson's inoculation.
Meanwhile, the market's attention is on a forthcoming Thursday meeting by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, at a time when they are generally positive on the oil market outlook compared with a year ago when they slashed supply to boost prices.