Oil Shrugs Off U.S. Stockpile Build to Rise on Vaccine Optimism

Oil Shrugs Off U.S. Stockpile Build to Rise on Vaccine Optimism

Photographer: Luke Sharrett/Bloomberg









Photographer: Luke Sharrett/Bloomberg





Oil rose toward $46 a barrel after shrugging off a massive increase in U.S. crude stockpiles on optimism that vaccine rollouts will lead to a swift improvement in global energy demand next year.The Energy Information Administration reported a 15.2 million barrel jump in American oil inventories, the second-biggest on record. While prices dropped on the data, they retraced most of their losses with some support from a falling dollar to close down just 0.2% on Wednesday. A militant attack on the Khabbaz field in Iraq had aided crude