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SINGAPORE – Oil prices rose more than $ 1 on Monday due to optimism in the global economy, thanks to the progress of a huge US stimulus package and hopes to improve demand for oil as vaccines are launched .
Brent oil futures for May rose $ 1.07, or 1.7%, to $ 65.49 a barrel at 00:42 GMT. The April contract expired on Friday.
US West Texas Intermediate (WTI) crude futures jumped $ 1.10, or 1.8%, to $ 62.60 a barrel.
TOTAL FALL OF EXXON MOBIL RESERVATIONS BY A THIRD PARTY AFTER THE COVID-19 OIL PRICE FALL
“Oil prices are recovering this morning in line with most of the risky assets behind the US stimulus project that has been approved by the House and as central banks continue to make noise to avoid the implicit financial tightening in the market.” , Stephen Innes, Axi’s chief global markets strategist, wrote in a note on Monday.
The US House of Representatives approved a $ 1.9 trillion coronavirus aid package early Saturday. The Democrats who control the chamber approved the measure by a majority party vote from 219 to 212 and sent it to the Senate, where Democrats planned a legislative maneuver to allow it to pass without Republican support.
https://www.foxbusiness.com/markets/exxon-mobils-total-reserves-drop-by-a-third-after-covid-19-oil-price-drop. Photographer: Luke Sharrett / Bloomberg via Getty Images (Getty Images)
More positive news about vaccination against coronavirus and signs of an improvement in the Asian economy also boosted prices.
An advisory panel at the U.S. Centers for Disease Control and Prevention voted unanimously on Sunday to recommend Johnson & Johnson’s COVID-19 injection for widespread use, and American officials said the first shipments will begin on Sunday.
J&J expects to ship more than 20 million doses by the end of March and 100 million by the middle of the year, enough to vaccinate nearly a third of Americans.
In Japan, private research showed that manufacturing activity expanded at the fastest pace in more than two years in February, adding signs of a recovery in Asian growth.
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On the other hand, investors are betting that this week’s meeting of the Organization of Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC +, will result in the return of more supply to the market.
“More supply needs to enter the market to ensure that OPEC + meets incremental demand and keeps internal discipline under control,” added Innes.