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Oil prices higher on expectation of rising fuel demand: report
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SINGAPORE - Oil 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.
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Brent crude futures climbed 36 cents, or 0.7%, to $51.22 a barrel, as of 0151 GMT and U.S. West Texas Intermediate (WTI) crude futures added 34 cents, or 0.7%, to $47.96 a barrel.
Crude rose along with a 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 payments to $2,000 from $600. The Senate still needs to vote on the measure.
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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, a preliminary Reuters poll ahead of this week’s data showed on Monday.
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