empty
 
 

2021.02.0808:46:00UTC+00Brent Nears $60/bbl On US Stimulus Hopes

Oil prices rose on Monday, with Brent futures nearing $60 a barrel on the back of tightened global oil supplies and renewed hopes over the passing of the U.S. stimulus package.

Brent crude for April settlement rose 0.7 percent to $59.99 a barrel, while U.S. West Texas Intermediate crude futures were up over 1 percent at $57.43 a barrel, marking the highest level since January last year.

As global supplies tighten and the demand outlook improves with the rollout of vaccines, analysts expect to see further upside in oil prices.

Adding to the upbeat mood is data showing a fall in new infections rates and signs of progress in U.S. stimulus talks. A weak U.S. jobs report released on Friday also boosted hopes of further stimulus measures.

"The U.S. does have fiscal space to take additional relief and support measures," IMF chief Kristalina Georgieva said on Friday as Democrats moved forward with a $1.9 trillion relief plan by approving a budget outline for the proposal.

President Joe Biden says he could deliver the aid package in the coming weeks without Republican support.

U.S. Treasury Secretary Janet Yellen predicted the relief plan could generate enough growth to restore full employment by next year.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback