Oil climbs on US stimulus hope – GulfToday
- Date: 20-Jan-2021
- Source: Gulf Today
- Sector:Oil & Gas
- Country:Middle East
Oil climbs on US stimulus hope – GulfToday
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Gulf Today Report
Oil prices jumped on Wednesday on high hopes for the incoming US administration going ahead with a large stimulus that will aid fuel demand and drawdown crude stocks.
US West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel while Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel.
US Treasury Secretary nominee Janet Yellen called on lawmakers to "act big“ on pandemic relief spending.
Lachlan Shaw, National Australia Bank's head of commodity research said: "certainly the expectation is that will support better growth and better demand in the US."
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