Oil rises on declining U.S. crude stocks, hopes for COVID-19 vaccine

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Oil prices climbed over 1% on Wednesday, after an industry report showed U.S. crude inventories have fallen more than expected, while hopes of an effective COVID-19 vaccine continued to bolster sentiment.

Although oil prices are supported by the positive news on vaccine, overall fuel demand outlook remains clouded amid re-imposed coronavirus restrictions in Europe and United States.

“Beyond these measures, demand will take a considerable time to recover - as international travel remains constrained.”

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