Oil Climbs While U.S. Lawmakers Discuss a Potential Aid Package
- Stimulus deal could pave way for recovery in oil demand
- Futures market also keeping close tabs on OPEC’s next move
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Oil advanced in New York as U.S. lawmakers negotiated the size of a potential spending bill to boost economic recovery, presenting a rare bright spot for the demand outlook.
U.S. crude futures rose above $41 a barrel amid optimism that lawmakers may break a months-long impasse in stimulus talks. Still, any deal may face stiff opposition in the Senate. Futures pared gains in after-hours trading after the American Petroleum Institute was said to report an increase in U.S. crude stockpiles for last week.