Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week. FILE PHOTO: Pump jacks are silhouetted against the rising sun at an oilfield in Baku, January 24, 2013. REUTERS/David Mdzinarishvili Brent crude futures rose 11 cents, or 0.2%, to $48.95 a barrel by 0746 GMT, having gained 5 cents the previous day. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.2%, to $45.69, after shedding 16 cents on Tuesday. The American Petroleum Institute (API) said on Tuesday that U.S. crude oil, gasoline and distillate stocks rose sharply last week, with crude stocks jumping by 1.14 million barrels, against analyst forecasts in a Reuters poll for a draw of 1.42 million barrels. Official weekly oil data from the […]