Oil rises on economic recovery hopes, Covid-19 keeps prices in check
Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.
Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel.
“There is some renewed hopes that the Democrats and the Republicans can get a relief bill put together and that seems to be raising expectations that the (oil) demand outlook is going to be a little bit better with the economy,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Oil followed Wall Street higher as American political talks continued for another COVID-19 relief bill after U.S. House Speaker Nancy Pelosi on Sunday said she thought a deal could be reached with the White House.
Still, the global health crisis, which has slashed global fuel consumption, kept oil prices from moving much higher.
Reference: CNBC
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