Oil rises on hopes for U.S. stimulus measure - Reuters

Oil rises on hopes for U.S. stimulus measure - Reuters:

Oil prices rose on Monday on hopes that stimulus efforts will help revitalize the U.S. economy, but the gains were capped by rising coronavirus cases and tensions between Washington and Beijing.

Brent crude LCOc1 rose 7 cents to settle at $43.41 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 31 cents to settle at $41.60 a barrel.

U.S. Senate Republicans were expected to unveil a new $1 trillion coronavirus aid package on Monday afternoon.

“If we can put more money into the pockets of consumers, they’re going to spend it on goods and services,” said Phil Flynn, senior analyst at Price Futures group in Chicago. “That should lead to more gasoline demand, more travel and more shopping.”