Oil extends gains on hopes of US stimulus and crude stocks drawdown

MELBOURNE: Oil NSE -0.21 % 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.

U.S. West Texas Intermediate (WTI) crude futures climbed 23 cents, or 0.4%, to $53.21 a barrel at 0155 GMT, building on a 1.2% rise on Tuesday.