Oil rose on Tuesday as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth, which pushed investors to take on more risk.
Brent crude was up 72 cents, or 1.4%, at $51.58 a barrel by 1057 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 67 cents, or 1.4%, to $48.29 a barrel.
“Oil appears to be underpinned by the passing of the U.S. stimulus and government funding omnibus legislation,” OANDA market analyst Jeffrey Halley said.
The Democratic-led U.S. House of Representatives voted to meet President Donald Trump’s demand for $2,000 COVID-19 relief checks on Monday.
The Republican-controlled Senate will still need to vote on the measure.
Global shares rose for a fourth straight session on Tuesday on the U.S. stimulus hopes.
Still, concerns over coronavirus lockdowns capped gains.
A new variant of the virus in the United Kingdom has led to the reimposition of movement restrictions, hitting near-term demand and weighing on prices, while hospitalizations and infections have surged in parts of Europe and Africa…
