Oil rises on falling crude stocks, demand hopes on stimulus and vaccine rollouts

MELBOURNE: Oil rose in early trade on Wednesday on expectations global oil stocks will fall back to more normal levels this year and as U.S. lawmakers moved closer to approving President Joe Biden’s $1.9 trillion Covid-19 aid bill without Republican support.

U.S. West Texas Intermediate (WTI) crude futures climbed 11 cents, or 0.2 per cent, to $54.87 a barrel at 0130 GMT, in a third straight day of gains. The benchmark hit a one-year high of A$55.26 on Tuesday.