SINGAPORE- 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 percent, to $63.08 a barrel while US West Texas Intermediate crude for May was up 32 cents, or 0.5 percent, to $59.65.
“Optimism on the global economic outlook boosted sentiment in the crude oil market,” analysts from ANZ bank wrote in a note on Wednesday.
Prices were buoyed as data on Tuesday showed US job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing US services activity touching a record high in March and China’s service sector showing the sharpest increase in sales in three months.