Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
MELBOURNE - Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
U.S. West Texas Intermediate crude CLc1 futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude LCOc1 futures were up 40 cents, or 0.9%, at $44.80 a barrel. Hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states hit by the coronavirus pandemic.
At the same time, Saudi Arabian Aramco’s Chief Executive Amin Nasser said he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns.
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