Oil rises, posts ninth positive day in last ten
Oil prices edged higher on Friday, buoyed by hopes for a U.S. stimulus bill, but a weaker demand outlook from OPEC and the International Energy Agency capped gains.
Brent crude advanced 2.11% to $62.43 a barrel after rising to a session high of $62.83, the highest since Jan. 22, 2020. U.S. oil settled 2.11% higher at $59.47 per barrel after rising to a session high of $59.82, the highest since Jan. 9 2020.
U.S. President Joe Biden will meet with a bipartisan group of mayors and governors as he keeps pushing for approval of a $1.9 trillion coronavirus relief plan to bolster economic growth and help millions of unemployed workers.
All three major U.S. stock indexes were on course for their second straight weekly rise. A sharp drop in new COVID-19 cases and hospitalizations buoyed hopes life will eventually return to normal.
Reference: CNBC
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