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Oil Edges Higher Alongside Equities With Stimulus Hopes Growing

  • U.S. stocks rally with Democratic sweep stoking aid hopes
  • WTI futures rise for a third day, setting a new 10-month high
U.S. Oil Industry Prioritizes Output Over Debt
Photographer: Angus Mordant/Bloomberg
Updated on

Oil gained for a third day as a Democratic sweep in the U.S. stoked optimism around the prospect of more fiscal stimulus under the incoming Joe Biden administration.

The slight rise of less than 1% on Thursday left futures in New York at their highest since late February. Prices tracked a move higher in equities as Democrats are poised to take control of the Senate, House and presidency, setting the stage for additional virus aid that could boost ailing fuel demand.