Oil prices rise on stronger economic outlook, U.S. stockpile draw

* U.S. job openings jump to 2-year high in boost to labour
market
* World powers, Iran hold 'constructive' talks on nuclear
deal
* API says crude stockpiles fall, fuel inventories rise
-sources
* Coming up: EIA inventory data at 1430 GMT

By Jessica Jaganathan
SINGAPORE, April 7 (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 LCOc1 for June rose by 34 cents, or
0.5%, to $63.08 a barrel by 0123 GMT while U.S. West Texas
Intermediate CLc1 crude for May was up 32 cents, or 0.5%, to
$59.65.
"Optimism on the global economic outlook boosted sentiment
in the crude oil market," analysts from ANZ bank wrote in a note
on Wednesday.
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.
The International Monetary Fund said on Tuesday
unprecedented public spending to fight COVID-19, primarily by
the United States, would push global growth to 6% this year, a
rate unseen since the 1970s.
Optimism on a wider rollout of vaccines also boosted prices
with U.S. President Joe Biden moving up the COVID-19 vaccine
eligibility target for all American adults to April 19.
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. API/S
Crude inventories fell by 2.6 million barrels in the week
ended April 2, the sources said, citing the API data.
Forecasters had predicted a drop of just 1.4 million barrels.
API/S
Oil production in the U.S. is expected to fall by 270,000
barrels per day (bpd) in 2021 to 11.04 million bpd, the Energy
Information Administration (EIA) said on Tuesday, a steeper
decline than its previous monthly forecast for a drop of 160,000
bpd. Iran and world powers held what they described as
"constructive" talks on Tuesday and agreed to form working
groups to discuss potentially reviving the 2015 nuclear deal
that could lead to Washington lifting sanctions on Iran's energy
sector and increasing oil supply.