Oil rises on U.S. stimulus optimism, OPEC supply cuts
Oil prices edged higher on Monday as optimism around U.S. stimulus plans and some supply concerns boosted futures, but demand worries prompted by coronavirus lockdowns limited gains.
Brent crude futures rose 31 cents to $55.72 a barrel. U.S. West Texas Intermediate crude settled 50 cents, or 0.96%, higher at $52.77 per barrel.
Officials in U.S. President Joe Biden’s administration on a Sunday call with Republican and Democratic lawmakers tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive.
The Organization of the Petroleum Exporting Countries and its allies’ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said on Monday, suggesting the group had improved its adherence to pledged supply curbs.
Barclays raised its 2021 oil price forecasts, but said rising cases in China could contribute to near-term pullbacks.
Reference: CNBC
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