Oil prices rise amid signs of increasing US demand


Crude oil prices traded in positive territory early on Thursday, buoyed by signs of supply tightness with a return of US demand, a weakening US dollar and optimism that president Joe Biden’s USD 1.9trn coronavirus relief package will accelerate economic recovery.

The front-month contract for Brent crude North Sea oil traded last up USD 0.25 at USD 68.15/bbl on Ice Futures, while the WTI equivalent was USD 0.27 higher on the day at USD 64.71/bbl, Montel said.

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Biden’s USD 1.9trn relief bill, the latest Covid-19 stimulus package in the world’s biggest oil-consuming nation, cleared its final hurdle in Congress late on Wednesday and is expected to be signed.