SULAIMANI (ESTA) — Oil prices rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK.
Brent crude futures rose 31 cents to $51.17 a barrel at 0558 GMT, while U.S. West Texas Intermediate (WTI) crude added 31 cents to $47.93.
Crude rose along with gains in Asian shares, with Japanese stocks hitting a 29-year high, on rising investor risk appetite as the U.S. House of Representatives voted to raise pandemic relief payment to $2,000 from $600, according to Business Today.
Forecasts for tightening U.S. crude oil stocks also added support to prices. U.S. crude oil stockpiles are expected to have declined last week, while refined products inventories likely rose, according to Business Today.
But a new variant of the virus in the United Kingdom has led to restrictions on movement being reimposed, hitting near-term demand and weighing on prices, while hospitalizations and infections surged in parts of Europe and Africa.
