Oil gains on optimism over global economy

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By Noah Browning

LONDON (Reuters) - Oil prices rose on Wednesday as hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output outweighed a higher than expected build in U.S. crude and fuel stocks.

Brent crude futures were up $1.48, or 1.9%, at $81.58 a barrel by 1436 GMT. U.S and West Texas Intermediate (WTI) crude futures rose $1.35, or 1.8%, to $76.47.

Both contracts registered gains on Monday and Tuesday, rebounding from a sharp sell-off in the first week of 2023.

Global equities were up slightly on Wednesday on hopes that U.S. inflation and earnings figures due on Thursday point to a resilient economy and slower pace of interest rate hikes.

If inflation comes in below expectations, that would drive the dollar lower, analysts said, which could boost oil demand because it makes the commodity cheaper for buyers holding other currencies.

Some of the market's optimism was pinned on top oil importer China's reopening of its economy after the end of strict COVID-19 curbs.

"China could bounce back strongly, especially if backed by monetary and fiscal stimulus. Central banks may discover they have room to cut rates if inflation falls substantially and economies are in recession," said Craig Erlam, a senior market analyst at OANDA in London.

"(Also) Russian output could be squeezed as sanctions take their toll."

An international price cap imposed on sales of Russian crude took effect on Dec. 5 and more curbs aimed at products sales are set to come into force next month.

U.S. crude oil stockpiles, meanwhile, jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API).

Analysts polled by Reuters had expected crude stocks to fall. Traders will be looking out for inventory data from the U.S. Energy Information Administration, expected at 1530 GMT. [EIA/S]