Oil prices back on the rise on US stimulus hopes, Iraq output cut
Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the US economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
US West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.
While both benchmark contracts fell on Friday, hurt by demand concerns, Brent ended the week up 2.5%, with WTI up 2.4%.
Hopes grew on Sunday that a stand-off would end between US Democrats and the White House on a new support package for cash-strapped US states hit by the coronavirus pandemic.
