<div class="at-above-post addthis tool" data-url="https://www.metro.us/oil-above-56-on/"></div>LONDON (Reuters) – Oil rose above $56 a barrel on Wednesday, supported by expectations the new U.S. administration will deliver massive stimulus spending that would lift demand, OPEC curbs and forecasts of a drop in U.S. crude inventories. U.S. Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to “act big” on pandemic relief spending. […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/oil-above-56-on/"></div>
Oil prices rose in early trade on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.
US West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel while Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel.
Oil futures nearest delivery on the New York Mercantile Exchange traded sideways midmorning Wednesday following the release of weekly inventory data from the EIA showing a larger-than-expected decline in U.S. commercial crude oil inventories during the week ended Jan. 8.