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Oil Prices Gain on Demand Concern

Oil prices advanced on Tuesday, rising for the third time in four sessions, as traders were upbeat about rising fuel demand after the US House voted 275-134 on Monday to meet Trump’s demand for $2,000 relief checks from $600, sending the measure to the Senate for a vote.

Adding the bullish tone, a preliminary Reuters poll showed US crude oil stockpiles are expected to have declined last week, while refined products inventories likely rose. Comprehensive data on weekly inventory reports by the API and the US EIA will be released later in the day and Wednesday, respectively.

Limiting the rise were concerns over virus lockdowns and mobility restrictions, with hospitalizations and infections have soaring in parts of Europe and Africa.

At around 06:30 AM GMT, WTI crude was up 0.7% to $47.95 a barrel. Brent crude also gained 0.7% to $51.21 a barrel.

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