By Ahmad Ghaddar LONDON (Reuters) - Oil rose on Tuesday as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth, which pushed investors to take on more risk. Brent crude was up 53 cents, or 1%, at $51.39 a barrel by 1440 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 52 cents, or 1.1%, to $48.14 a barrel. Oil appears to be underpinned by the passing of the U.S. stimulus and government funding omnibus legislation, OANDA market analyst Jeffrey Halley said. The Democratic-led U.S. House of Representatives voted to meet President Donald Trump s demand for $2,000 COVID-19 relief checks on Monday.
Oil gains on hopes US stimulus payments to spur fuel demand
Reuters
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Oil rose on Tuesday, for thethird 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 per cent, to $51.22 a barrel, as of 0151 GMT and US. West Texas Intermediate(WTI) crude futures added 34 cents, or 0.7 per cent, to $47.96 a barrel.
Crude rose along with a gains in Asian shares, with Japanese stocks hitting a 29-year high, on rising investor risk appetite as the US House of Representatives voted to raise pandemic relief payments to $2,000 from $600. The Senate still needs to vote on the measure.
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SINGAPORE 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 climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 0410 GMT and U.S. West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.
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Oil gains on hopes US Covid pandemic stimulus payments to spur fuel demand
Reuters/Singapore
Forecasts for tightening US crude oil stocks also added support to prices.
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 stabilise trade between Europe and the UK.
Brent crude futures climbed 36 cents, or 0.7 per cent, to $51.22 a barrel, as of 0151 GMT and US West Texas Intermediate (WTI) crude futures added 34 cents, or 0.7 per cent, to $47.96 a barrel.
Crude rose along with a gains in Asian shares, with Japanese stocks hitting a 29-year high, on rising investor risk appetite as the U.S. House of Representatives voted to raise pandemic relief payments to $2,000 from $600. The Senate still needs to vote on the measure.
Oil rises on hopes U.S. pandemic stimulus will spur fuel demand
Oil rose on Tuesday for the third time in four sessions on expectations for rising fuel demand, as the United States moved towards expanding its pandemic aid payments and with a final Brexit deal set to stabilize trade between Europe and the UK.
Brent crude was up 49 cents, or 1%, at $51.35 a barrel by 0756 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 41 cents, or 0.9%, to $48.03 a barrel.
“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,” said Stephen Innes, chief global market strategist at Axi, a broker.