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Crude Oil Prices Rise to Above $52/barrel

Oil prices rose on Monday as traders were confident that the proposed US large stimulus package from president Joe Biden would boost fuel demand.

Top aides to President Joe Biden have begun talks with a group of moderate Senate Republicans and Democrats, Associated Press reported.

Meanwhile, the COVID-19 cases continue to rise with China reporting 124 new cases on Monday from 80 a day earlier, the most since March 2020.

Also, data from the US EIA last Friday showed US crude inventories in the country unexpectedly rose by 4.4 million barrels in the week to January 15th. At around 06:30 AM, WTI crude gained 0.5% to $52.51 a barrel, while Brent crude added 0.4% to $55.65 a barrel.

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