Oil Climbs With U.S. Aid Hopes Brightening Consumption Outlook
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A valve control wheel connected to crude oil pipework in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil rose to a new 10-month high in New York on expectations that a potential $2 trillion economic relief packaged could get Americans consuming more fuel.
U.S. benchmark crude futures advanced 1.3% on Thursday. President-elect Joe Biden’s advisers recently told allies in Congress about the cost of the package, CNN reported. A weaker dollar also boosted the appeal of commodities priced in the greenback.