Oil rises on hopes U.S. pandemic stimulus will spur fuel demand | Reuters
Oil rose on Tuesday for the third time in four sessions on expectations for rising fuel demand, as the United States moved towards expanding its pandemic aid payments and with a final Brexit deal set to stabilize trade between Europe and the UK.
Brent crude was up 49 cents, or 1%, at $51.35 a barrel by 0756 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 41 cents, or 0.9%, to $48.03 a barrel.
“Markets feel very rangy into the New Year, but should find support today from broader risk markets as stocks are soaring on the prospects of larger stimulus checks,” said Stephen Innes, chief global market strategist at Axi, a broker.
“However, for oil markets gains could be limited due to the new COVID variant and OPEC meeting overhangs.”
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