Crude oil gained more ground on Tuesday, with prices underpinned by expectations of US stimulus and a rebound in Asian demand as economies reopen. Brent crude added 22 cents, or 0.5%, to $45.21 a barrel, as of 0441 GMT. West Texas Intermediate US crude rose 32 cents, or 0.8%, to $42.26 a barrel.
“Crude oil gained amid signs of further stimulus measures,” ANZ said in a note.
“US lawmakers continued negotiations on the massive virus relief economic package with Treasury Secretary Steven Mnuchin saying there are areas where compromise is possible and a fair deal could be agreed upon. Sentiment was also boosted by comments from Saudi Aramco that demand is improving.”
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