Oil rise on hopes of U.S. stimulus, crude stocks drawdown | Reuters

Oil rise on hopes of U.S. stimulus, crude stocks drawdown | Reuters

Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker dollar and expectations the incoming U.S. administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks.

U.S. West Texas Intermediate (WTI) crude futures climbed 41 cents, or 0.77%, to $53.39 a barrel at 0750 GMT, building on a 1.2% rise on Tuesday.

Brent crude futures rose 37 cents, or 0.66%, to $56.27 a barrel, adding to a 2.1% gain on Tuesday.

U.S. President-elect Joe Biden’s Treasury Secretary nominee Janet Yellen urged lawmakers on Tuesday to “act big” on pandemic relief spending, reinforcing hopes of massive spending to boost growth.