Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.
Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate crude for April rose 19 cents, or 0.3%, to $65.24. “Brent is currently holding up above $68, suggesting speculators are likely dipping their toes back in after yesterday’s chaos.”