Oil up 1% on economic hope; virus fears check price gains | Reuters

Oil up 1% on economic hope; virus fears check price gains | Reuters:

Oil prices rose 1% on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.

Brent crude LCOc1 settled at $42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate CLc1 settled at $40.60 a barrel, rising 35 cents, or 0.87%.

“In my opinion, the most likely event capable of moving the crude oil market to the next level would be the passing of a coronavirus stimulus package,” said Bob Yawger, director of energy futures at Mizuho.

Oil followed Wall Street higher as American political talks continued for another COVID-19 relief bill after U.S. House Speaker Nancy Pelosi on Sunday said she thought a deal could be reached with the White House.