Oil Jumps to Highest Since February Amid Stimulus Optimism
- Bipartisan U.S. virus aid proposal may offer momentum to talks
- U.S. crude and refined products supplies rose last week: API
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Oil surged to the highest in nearly 10 months in New York alongside a broader market rally as breakthroughs on U.S. stimulus talks combined with the Covid-19 vaccine rollout stoked optimism around a demand revival.
U.S. benchmark crude futures rose 1.3% on Tuesday after Senate Majority Leader Mitch McConnell said Congress will not leave for the year without a spending package, as talks continue to finalize Covid-19 relief. Meanwhile, Moderna Inc.’s vaccine was deemed safe by U.S. regulators, clearing the way for a second shot to quickly gain emergency authorization.