Oil quotations are growing on optimism about new stimulus measures in the US, Interfax reports.
February futures for Brent rose in price on the London ICE Futures exchange by $0.26 (0.51%) to $51.12 per barrel. Brent fell by $0.43 (0.84%) to $ 50.86 per barrel during the previous session.
February futures for WTI rose in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.25 (0.52%) to $ 47.87 per barrel. On Monday, contracts fell by $0.61 (1.26%) to $47.62 per barrel.
On Sunday evening, Trump signed the state’s budget in 2021 of $2.3 trillion, which includes a $900 billion package of measures to support the economy amid the pandemic.
According to Axi experts, the oil market's growth may be limited due to concerns over a new strain of coronavirus. However, restrictions on movement aimed at containing the spread of the disease may pose an even greater downward risk.
Oil demand in January looks set to be rather volatile, they note.
Cases of infection with a new type of coronavirus have been recorded in several countries, including Canada, France, Japan and Norway, writes S&P Global Platts. Beijing authorities have tightened quarantine measures amid fears that travel during the holidays could lead to an outbreak in the Chinese capital. In South Korea, social distancing measures were extended until January 3 amid daily increases in cases near record levels.