Oil extends gains on hopes of U.S. stimulus and crude stocks drawdown

📆 20-01-21 08:05:00
📰 Reuters

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Oil prices rose in early trade on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.

FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant

“Certainly the expectation is that will support better growth and better demand in the U.S.,” said National Australia Bank’s head of commodity research, Lachlan Shaw. “That clearly vindicates the move by Saudi Arabia last week to cut 1 million barrels per day of their own production unilaterally for February and March,” Shaw said.Germany on Tuesday extended a lockdown for most shops and schools for another two weeks, to Feb. 14.

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