The price gains came amid growing hopes the U.

S will pass a massive economic stimulus plan which could revive demand across the board, especially for refined products such as gasoline, diesel and jet fuel.

Demand hopes are also being fueled by the vaccine.

Roll out Traders are betting global oil consumption will pick up when vaccination levels get to a point where governments ease locked down restrictions.

The global health crisis has kept people close to home, severely limiting the need to travel, sending oil demand into the dumps.

But even as vaccine hopes fuel talk of a rebounding energy use, OPEC doesn't expect oil consumption to return to pre crisis levels until next year.

That's why the world's group of leading oil producing nations has cut supply in order to keep a floor under prices.

OPEC and its allies, known as OPEC Plus, maintained their production cut at a meeting earlier this week.