Reuters: Oil prices rise on stronger economic outlook, U.

REUTERS

REUTERS

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%, to $63.08 a barrel by 0123 GMT while U.S. West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65, as reported by Reuters.

Read also Finance Ministry reflects on prospects of reaching deal on IMF loan 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 U.S. services activity touching a record high in March and China's service sector showing the sharpest increase in sales in three months.

U.S. crude oil stockpiles fell in the most recent week, while fuel inventories rose, according to three market sources, citing American Petroleum Institute (API) figures ahead of government data on Wednesday.

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