Oil gained more than 1% on Tuesday on the prospect the United States was nearing a deal on coronavirus relief, but the threat to demand from rising COVID-19 cases worldwide and increased Libyan output kept prices from moving higher.
November U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $41.46 a barrel, up 63 cents, or 1.54%. The more active December contract settled at $41.70, gaining 64 cents.
Brent crude futures LCOc1 for December delivery settled at $43.16 a barrel, rising 54 cents, or 1.27%.
Investors are following negotiations between U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin over another U.S. coronavirus aid package, said John Kilduff, partner at Again Capital in New York.
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