KONTAN.CO.ID - CALGARY. Oil rose on Tuesday as the United States moved toward expanding pandemic aid payments, which could spur fuel demand and which also encouraged investors to take on more risk in hopes of stronger economic growth. Brent crude was up 44 cents, or 0.9%, at $51.30 a barrel by 1650 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 51 cents, or 1.1%, to $48.13 a barrel. "We are seeing strength in the oil market on the back of progress with the U.S. stimulus package," said Gary Cunningham, director of market research at Tradition Energy.
Oil rises on hopes U.S. pandemic stimulus will spur fuel demand
KONTAN.CO.ID - CALGARY. Oil rose on Tuesday as the United States moved toward expanding pandemic aid payments, which could spur fuel demand and which also encouraged investors to take on more risk in hopes of stronger economic growth. Brent crude was up 44 cents, or 0.9%, at $51.30 a barrel by 1650 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 51 cents, or 1.1%, to $48.13 a barrel. "We are seeing strength in the oil market on the back of progress with the U.S. stimulus package," said Gary Cunningham, director of market research at Tradition Energy.