KONTAN.CO.ID - SINGAPORE. Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market. Brent crude futures added 12 cents, or 0.2%, at $51.41 a barrel at 0803 GMT, having fallen as much as 1.5% to $50.53 a barrel earlier in the session. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.4%, to $48.41 a barrel.
"With trading volumes thinned by the holiday week, oil is likely to remain below the radar in coming days. That said, the signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week," said Jeffrey Halley, senior market analyst at OANDA. The U.S. president's move was cheered as it would restore unemployment benefits to millions of Americans and avert a federal government shutdown. Read Also: Malaysia imposes anti-dumping tax on cold-rolled steel from Indonesia, Vietnam Global shares climbed on Monday after Trump signed into law the pandemic aid package, backing down from his earlier threat to block the bipartisan bill. But a new highly infectious variant of the coronavirus, which was first seen in Britain and has now been detected in several other countries, has led to mobility restrictions being reimposed, fuelling concern over demand recovery.