Oil climbs on US stimulus hope – GulfToday

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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