Oil rises on expected pandemic recovery, potential drop in oil stocks

Oil rises on expected pandemic recovery, potential drop in oil stocks

Oil prices climbed on Tuesday on expectations for a global economic recovery after the U.S. Senate passed a massive $1.9 trillion stimulus package. Prices were also supported by a probable drop in U.S. crude oil stockpile.

However, a strong dollar and diminishing fears of a supply glut in Saudi Arabia following an attack on its export facilities capped gains.

Brent crude futures for May delivery climbed by 0.8%, or 53 cents, at $68.77 per barrel. U.S. West Texas Intermediate crude for April contract gained 0.7%, or 44 cents, at $65.49 per barrel.

On Monday, Brent crude prices climbed over $70 per barrel after Yemen’s Houthi forces fired missiles at Saudi oil facilities.

The attacks came after OPEC and its allies decided to maintain output cuts through April despite a rise in oil prices. 

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