By 06:16 GMT, “Brent” crude rose by 0.8 percent, to $ 48.24 a barrel, after a rise of about four percent in the previous session. West Texas Intermediate crude increased by 0.6 percent, to $ 45.18 a barrel, after it had gained more than four percent on Tuesday.
Both contracts are at their highest levels since early March, and have risen nearly 9 percent in the last four sessions.
Jeffrey Haley, chief market analyst at Oanda, said that “in light of an expected presidential transition (in the United States), support coming from the vaccine, and expectations that (OPEC +) will extend production cuts next week, oil markets completely ignored the unexpected increase of 3.8 million barrels per day. ”Oil stocks data released by the American Petroleum Institute.