Oil rises on US Covid-19 stimulus hopes to spur fuel demand
Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK.
Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 0410 GMT and US West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.
“Markets feel very rangy into the New Year but should find support today from broader risk markets as stocks are soaring on the prospects of larger stimulus checks,” aid Stephen Innes, chief global market strategist at Axi, a broker.
