Oil prices edge higher on expected US stimulus, weak dollar

MELBOURNE: Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers.

Brent crude futures climbed 35 cents, or 0.8%, to $43.76 a barrel at 0118 GMT, adding to a 0.2% gain on Monday.

U.S. West Texas Intermediate (WTI) crude futures gained 27 cents, or 0.7%, to $41.87 a barrel, building on a 0.75% rise on Monday.

U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package worked out with the White House to revitalise the economy with expanded unemployment benefits for millions due to expire this week, although Democrats urged more support.