Oil prices steady as lockdowns curb U.S. stimulus optimism | Reuters

Oil prices steady as lockdowns curb U.S. stimulus optimism | Reuters

Oil prices were steady on Monday as support from U.S. stimulus plans and jitters about supplies competed with worries about the impact on demand from renewed coronavirus lockdowns.

Brent crude futures for March were up 13 cents, or 0.2%, to $55.54 a barrel by 1515 GMT. U.S. West Texas Intermediate crude for March was up 10 cents, or 0.2%, at $52.37.

“Sentiment was buoyed by expectations for a blockbuster coronavirus relief package ... (but) the tug of war between stimulus optimism and virus woes is set to continue,” said Stephen Brennock of broker PVM.

U.S. lawmakers are set to lock horns over the size of a $1.9 trillion pandemic relief package proposed by President Joe Biden. The stimulus would support the economy and fuel demand.