NEW YORK (Reuters) – Oil rose 1% on Wednesday, buoyed by expectations that the incoming U.S. administration will deliver massive stimulus spending that will lift fuel demand and enact policies that will tighten crude supply.
Brent crude was up 53 cents, or 1%, at $56.43 a barrel at 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate (WTI) crude climbed 44 cents, or 0.8%, to $53.06.
Joe Biden’s inauguration is on Wednesday, and the president-elect is expected to take measures to curb the U.S. oil industry, including re-entering the Paris Climate Agreement, cancelling a permit for the Keystone XL crude oil pipeline and pausing arctic drilling.
