Oil Extends Gains On Stimulus Hopes

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Oil prices rose on Tuesday to extend sharp gains from the previous session on renewed hopes for U.S. fiscal stimulus.

Benchmark Brent crude rose 38 cents, or 0.9 percent, to $41.67 a barrel after climbing nearly 6 percent in the previous session.

U.S. West Texas Intermediate crude futures were up 35 cents, or 0.9 percent, at $39.57, after having risen 5.9 percent on Monday.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour about coronavirus relief on Monday, but emerged without an agreement.

They are expected to talk again today, continuing a recent flurry of activity working towards a deal on legislation.

White House Chief of Staff Mark Meadows said on Monday there is still potential to reach agreement.

“Even if a large comprehensive bill is not possible . . . let’s go ahead and pass a number of things that we can agree on,” Meadows said in an interview on Fox Monday morning.

Oil is also benefiting from positive reports about U.S. President Donald Trump’s recovery and supply concerns due to a spreading labor strike in Norway and the evacuation of oil platforms in the Gulf.

Tropical Storm Delta is expected to strengthen to a Category 3 hurricane, and make a landfall on Friday, between Louisiana and Florida.

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