Home / World News / Oil above $56 on US stimulus hopes ahead of Joe Biden inauguration

Oil above $56 on US stimulus hopes ahead of Joe Biden inauguration

US Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to "act big" on pandemic relief spending

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This month Brent hit an 11-month high of $57.42, helped by Saudi Arabia pledging to make additional, voluntarily cuts and most OPEC+ members agreeing to keep output steady in February

Alex Lawler | Reuters London

2 min read Last Updated : Jan 20 2021 | 8:34 PM IST

Oil rose above $56 a barrel on Wednesday, supported by expectations that the new US administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts for a drop in US crude inventories.

US Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to "act big" on pandemic relief spending.

A fall in the dollar after the comments helped oil to rally, analysts said.

"This provided a good backdrop for oil and other risk assets," said Stephen Brennock of broker PVM. "While the near-term demand environment continues to be gripped by weakness and

Topics : Joe Biden Coronavirus Crude Oil Price US economy Janet Yellen

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