Oil rises, hovers below $50/bbl on hopes for U.S. stimulus | Reuters

Oil rises, hovers below $50/bbl on hopes for U.S. stimulus | Reuters

Brent crude oil futures rose more than 1% on Friday, remaining just under $50 a barrel, as expectations of a U.S. economic stimulus package and the possibility of a vaccine for the coronavirus overrode rising supply and increased COVID-19 deaths.

A bipartisan $908 billion coronavirus aid plan gained momentum in the U.S. Congress.

Brent settled up 54 cents or 1.11% at $49.25 a barrel. During the session, the contract hit its highest since early March at $49.92. West Texas Intermediate rose 62 cents to $46.26 a barrel, after touching a high of $46.68 a barrel.

Both benchmarks gained for a fifth consecutive week, with Brent up 1.7% and U.S. crude up 1.9%.

“We’re higher, despite super bearish events - it’s all about stimulus,” said Bob Yawger, director of energy futures at Mizuho in New York. “You can’t go home short this weekend because they could sign a deal this weekend.”