Oil Climbs On U.S. Stimulus Package Hopes

by davidscott

Madeline Sponsler, FISM News

 

Oil rose on Monday, supported by an improvement in Chinese factory data, rising energy demand, and hopes for an agreement in the United States on more coronavirus-related economic stimulus.

Brent crude <LCOc1> rose 45 cents, or 1%, to $44.85 a barrel by 11:20 EDT, and West Texas Intermediate (WTI) U.S. crude <CLc1> was up 60 cents, or 1.5%, to $41.16 a barrel.

The talks between Democrats and members of Republican Trump’s administration broke down last week.

Prices found support after U.S. President Donald Trump said House Speaker Nancy Pelosi and Senator Chuck Schumer, top Democrat in that chamber of Congress, wanted to meet with him to make a deal on coronavirus-related economic relief.

 

Sourced from Reuters, edited for brevity

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