Oil trims losses after Trump signs aid bill; demand concerns linger

Oil pared some of its losses from earlier on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment.

Brent crude futures were down 25 cents, or 0.5%, to $51.04 a barrel at 0700 GMT, having fallen as much as 1.5% to $50.53 a barrel earlier in the session.

U.S. West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel.

“With President Trump signing the bill, oil has quickly recouped most of its losses today, although both Brent and WTI remain modestly in the red,” said Jeffrey Halley, senior market analyst at OANDA.

The U.S. president’s move was cheered as it would restore unemployment benefits to millions of Americans and avert a federal government shutdown.