REUTERS

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell.

Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 0123 GMT while U.S. West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65, as reported by Reuters.

Read alsoFinance Ministry reflects on prospects of reaching deal on IMF loanPrices were buoyed as data on Tuesday showed U.S. job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing U.S. services activity touching a record high in March and China's service sector showing the sharpest increase in sales in three months.

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U.S. crude oil stockpiles fell in the most recent week, while fuel inventories rose, according to three market sources, citing American Petroleum Institute (API) figures ahead of government data on Wednesday.

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