Oil prices rise, hit 9-month high on U.S. stimulus progress
Oil climbed on Thursday and touched a nine-month high, with traders optimistic about progress toward a U.S. fiscal stimulus deal and record-breaking refining demand in China and India.
U.S. lawmakers edged closer to agreement on a $900 billion virus-relief spending package on Wednesday.
The U.S. dollar set a 2-1/2 year low against major rivals on Thursday. Since crude is priced in greenbacks, this made oil cheaper for buyers holding other currencies.
Brent crude futures settled up 42 cents at $51.50 a barrel, and touched a session high of $51.90.
U.S. West Texas Intermediate (WTI) crude futures rose by 54 cents to $48.36 a barrel, with a session high of $48.59. Both benchmarks hit their highest since early March.
Reference: CNBC
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