Oil rises on stimulus optimism, demand recovery hopes
Oil rose on Wednesday on expectations that U.S. President Joe Biden’s administration will deliver massive stimulus spending that will lift fuel demand and enact policies that will tighten crude supply.
Brent crude was up 40 cents at $56.30 a barrel. U.S. West Texas Intermediate (WTI) crude settled 26 cents, or 0.5%, higher at $53.24 per barrel.
U.S. President Joe Biden, who was inaugurated on Wednesday, is expected to take measures to curb the U.S. oil industry, including re-entering the Paris climate accord, cancelling a permit for the Keystone XL crude oil pipeline and pausing arctic drilling
Reference: Reuters
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