Oil rises to touch $52 after Trump signs aid bill | Reuters
Oil rose to hit $52 a barrel on Monday as U.S. President Donald Trump’s signing of a coronavirus aid package and the start of a European vaccination campaign outweighed concern about weak near-term demand.
After Trump backed down from a threat to block the package, Democrats on Monday will try to push through expanded $2,000 relief payments. Europe, meanwhile, launched a mass vaccination drive on Sunday. [nL1N2J804R]
Brent crude was up 45 cents, or 0.9%, at $51.74 a barrel at 1200 GMT, after trading as high as $52.02 and reversing an earlier decline. U.S. West Texas Intermediate (WTI) crude added 44 cents, or 0.9%, to $48.67.
“The signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week,” said Jeffrey Halley, analyst at broker OANDA.
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