Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a US$1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.
Crude it its highest level since the start of the pandemic on Monday after Yemen's Houthi forces fired drones and missiles at Saudi oil sites on Sunday. Saudi Arabia said it thwarted the strike and prices slipped as supply fears eased.Brent crude rose 51 cents, or 0.8per cent, to US$68.75 by 0920 GMT, after trading as low as US$67.61. U.S. West Texas Intermediate crude added 34 cents to US$65.39.
On Monday, Brent rose to US$71.38, its highest since Jan. 8, 2020 and U.S. crude hit US$67.98, the highest since October 2018. U.S. Treasury Secretary Janet Yellen said on Monday the aid package would provide enough resources to fuel a"very strong" U.S. economic recovery. The U.S. House of Representatives must still approve it.
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