NEW YORK (Dispatches) - 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.
But optimism over talks between the United States and Iran and an impending increase in supply by major oil producers capped gains.
Brent crude futures for June rose by 24 cents, or 0.4%, to $62.98 a barrel by 0403 GMT while U.S. West Texas Intermediate crude for May was up 20 cents, or 0.3%, to $59.53.
"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 U.S. job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing improvement in the services sectors in the U.S. and China.