Oil prices jump as U.S. House passes huge stimulus bill | Reuters

Oil prices jump as U.S. House passes huge stimulus bill | Reuters

Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a slowdown in China’s February factory activity growth capped gains.

Brent crude futures for May rose $1.24, or 1.9%, to $65.66 per barrel by 0718 GMT. The April contract expired on Friday.

U.S. West Texas Intermediate (WTI) crude futures jumped $1.18, or 1.9%, to $62.68 a barrel.

Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.

“Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House,” Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.