Oil Rises With Prospect for U.S. Stimulus Buoying Demand Outlook
- Mnuchin says Democrats want to compromise on virus relief
- Asian oil consumption almost back to pre-virus levels: Aramco
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Oil posted the biggest gain in a week in New York amid signs that the U.S. may move forward with another economic stimulus deal that could bolster consumption.
Treasury Secretary Steven Mnuchin said that there are areas where compromise over a massive aid bill is possible and a “fair deal” could be agreed upon. Meanwhile, a recovery in the U.S. is seeing some momentum: new Covid-19 cases have decelerated by the most since the start of the pandemic and applications for unemployment benefits dropped to a pandemic low.