Germany, France and Italy plan to suspend AstraZeneca PLC COVID-19 injections after reports of possible serious side effects, although the World Health Organization said there was no established link to the vaccine.
Separately, US energy firms have cut the number of oil and natural gas rigs operating by one in the first weekly drop since November, according to Baker Hughes Co.
"The current WTI oil price is well above the level needed to incentivise a substantial increase in US production, which according to surveys by the Dallas Fed and the Kansas City Fed stands at around $56 per barrel," EFG said.
The rally in oil has been supportive of the Canadian dollar. Since the start of the year, the loonie has gained 0.7%, trailing just sterling and the Norwegian crown among G10 currencies.