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* WTI, Brent firm on economic growth expectations
* Decline in U.S. crude oil stocks support prices
* Both contracts more than 20% lower vs year ago
(Updates prices)
By Shadia Nasralla
LONDON, Dec 30 (Reuters) - Oil gained ground on Wednesday on
the back of a weaker dollar, a decline in U.S. crude oil
inventories and as Britain approved another coronavirus vaccine,
but both benchmark contracts were on track to end the year about
20% lower.
Brent crude futures were up 36 cents to $51.45 a
barrel by 1317 GMT, having started the year above $66.
U.S. West Texas Intermediate (WTI) crude had added 37
cents to trade at $48.37, down from around $62 at the beginning
of 2020.
Continued concern about coronavirus-related restrictions
weighing on fuel demand were countered by some bullish factors.
The U.S. dollar hit its lowest against a basket of
currencies since 2018, making oil cheaper for holders of
other currencies.
Raising hopes of a faster normalisation of travel and work,
Britain on Wednesday became the first country to approve a
coronavirus vaccine developed by the University of Oxford and
AstraZeneca.
World stocks were near record highs with investors betting
on a strong economic recovery next year, with little sign of
policymakers winding back massive stimulus efforts and the
United States on the brink of agreeing a new package.
U.S. crude oil stockpiles fell by 4.8 million barrels last
week to about 492.9 million barrels, exceeding analysts'
expectations in a Reuters poll for a fall of 2.6 million
barrels, data from API showed.
On the supply front, a Jan. 4 meeting of the Organization of
the Petroleum Exporting Countries (OPEC) and allies including
Russia, a group known as OPEC+, looms over the market.
OPEC+ is set to boost output by 500,000 barrels per day
(bpd) in January, and Russia supports another increase of the
same amount in February after the group slashed its production
in 2020 to support slumping oil prices.
(Additional reporting by Naveen Thukral; editing by Kim Coghill
and Jason Neely)
