Oil Jumps Most Since May With U.S. Stimulus Hope Lifting Markets
- West Texas Intermediate crude futures rise nearly 6%
- President Trump expects to leave hospital later Monday
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Oil climbed the most since May in New York, rallying in tandem with equity markets on optimism over the potential for more U.S. fiscal relief that could provide a sorely needed boost to energy demand.
U.S. benchmark crude futures advanced 5.9% on Monday. House Speaker Nancy Pelosi said Friday that President Donald Trump’s Covid-19 diagnosis might change the tenor of the talks on new stimulus. The U.S. president said on Twitter that he is leaving the hospital later on Monday after being treated for the virus. Over the weekend, he tweeted that a stimulus bill needs to get done.