Oil steadies below $52 as US’ $900 bn stimulus counters weak demand
LONDON (Reuters) – Oil steadied on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was balanced by weak demand and the prospect of higher OPEC+ output.
After U.S. President Donald Trump backed down from a threat to block the $2.3 trillion package, Democrats on Monday will try to push through larger $2,000 relief payments. Europe on Sunday launched a mass COVID-19 vaccination drive.
Brent crude was up 6 cents, or 0.1%, at $51.35 a barrel at 1450 GMT, after trading as high as $52.02 earlier in the session. U.S. West Texas Intermediate (WTI) crude fell 19 cents, or 0.4%, to $48.04.
