Oil increases on predictions of US stimulus leading to demand
29 Dec 2020
Gulf Today Report
Oil advanced on Tuesday due to hope for a rise in fuel demand as the United States is likely to expand the pandemic aid and final Brexit deal will steady trade between Europe and the UK.
Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 04:10 GMT and US West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.
Stephen Innes, chief global market strategist at Axi said markets feel very rangy into the New Year but should find support today from broader risk markets as stocks are soaring on the prospects of larger stimulus checks.
Oil prices climbed on Tuesday on hopes the United States will expand pandemic aid payments, a move that could spur fuel demand and stimulate economic growth.
Oil gains on hopes US pandemic stimulus payments to spur fuel demand
Brent crude futures climbed 36 cents, or 0.7%, to $51.22 a barrel, as of 0151 GMT and U.S. West Texas Intermediate (WTI) crude futures added 34 cents, or 0.7%, to $47.96 a barrel. Reuters December 29, 2020 / 07:50 AM IST
Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK.
Brent crude futures climbed 36 cents, or 0.7%, to $51.22 a barrel, as of 0151 GMT and U.S. West Texas Intermediate (WTI) crude futures added 34 cents, or 0.7%, to $47.96 a barrel.
Fortuna pipelayer - Photo by Christoph Brilke/MarineTraffic.com
The Russia-led Nord Stream 2 consortium said on Monday it has completed laying pipes for the project in German waters, finishing work on a 2.6 kilometer-long portion of the pipeline, which had been stalled by the threat of U.S. sanctions. We have completed this work, the consortium said in an emailed statement, referring to the pipe-laying in the German economic zone.
Earlier on Monday, Refinitiv Eikon data showed the Russian pipe-laying vessel Fortuna has left the Nord Stream 2 gas pipeline construction site in Germany s section of the Baltic Sea.
The Fortuna earlier this month resumed work on the pipeline, which will pump gas directly from Russia to western Europe, bypassing Ukraine. Work had been suspended for a year because of the risks of sanctions from the United States.
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