Oil gains after U.S. infrastructure bill, plans to address prices
Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices.
Brent crude advanced 0.83% to settle at $83.43 per barrel, after dropping nearly 2% last week.
U.S. oil gained 0.81%, to settle at $81.93, having declined almost 3% through Friday.
U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel.
Further supporting prices was a decision by the Organization of the Petroleum Exporting Countries and allies such as Russia, together known as OPEC+, not to speed up their planned production increases last week.
Biden had called on OPEC+ to produce more crude to dampen rising prices and on Saturday said his administration had “other tools” to deal with the higher price of oil.
U.S. Energy Secretary Jennifer Granholm said on Monday that Washington was weighing its options to address high gasoline and heating prices in the United States, which some analysts say could involve tapping the U.S. Strategic Petroleum Reserve.
Reference: CNBC
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