By 1444 GMT, Brent crude was up 64 cents, or 1.5 percent, to $ 44.39 a barrel, while U.S. West Texas Intermediate crude was up 43 cents, or 1 percent, to $ 41.86.
Both contracts jumped nearly a dollar after Pfizer said the end results of advanced trials of its vaccine showed 95 percent efficacy. That percentage was over 90 percent of what the company announced last week.
On Monday, Moderna said that preliminary data for its vaccine had also shown about 95 percent efficacy.
“Oil prices are modestly rising today, driven by hopes that OPEC + will decide to postpone its planned production increase in January and thanks to the recent jubilation about the vaccine,” said Bjornard Tonhaugen, director of oil markets at Rystad Energy.
A slight rise in US crude inventories
US stocks of crude oil and gasoline rose while distillate stocks fell, the US Energy Information Administration said Wednesday.
Crude inventories increased by 768,000 barrels over the week ending November 13 to 489.5 million, while analysts in a Reuters poll expected a rise of 1.7 million barrels.
Crude stocks at the delivery point in Cushing, Oklahoma, rose 1.2 million barrels last week.
Crude consumption by refineries increased by 394,000 barrels per day over the week. The rate of utilization of the production capacity of the refineries rose by 2.9 percentage points.
US gasoline inventories grew by 2.6 million barrels to 228 million, while analysts in a Reuters poll expected a rise of 87,000 barrels.
Distillate stocks, which include diesel and heating oil, fell 5.2 million barrels to 144 million barrels, while they were expected to decline 1.5 million barrels.
Net US crude imports fell by 228,000 barrels per day last week, the Energy Information Administration said.