NEW YORK (Reuters) – Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden’s inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.
Brent futures for March delivery rose $1.15, or 2.1%, to settle at $55.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 1.2%, to settle at $52.98. Front-month February WTI futures expire on Wednesday.
Wall Street’s main indexes rose after upbeat earnings from big U.S. banks and comments from U.S. Treasury Secretary nominee Janet Yellen ahead of Biden’s inauguration on Wednesday.
Yellen urged lawmakers to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
