Oil rises on hopes of recovery in fuel demand
SINGAPORE: Oil NSE 0.27 % prices gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and expectations of global economic recovery lifted hopes for higher fuel demand.
U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.6 per cent, to $48.27 a barrel, as of 0114 GMT, while Brent crude futures added 24 cents, or 0.5 per cent, to $51.33 a barrel.
The Democrat-led U.S. House of Representatives voted to meet President Donald Trump’s demand to increase direct COVID-19 aid payments to Americans hurting from the pandemic to $2,000.
Asian shares retreated on Wednesday as investors cashed in on a recent rally, while the euro flirted with highs not seen in more than 2-1/2 years on as hopes of a gradual global economic recovery.
