3/25, 8:50 AM (Source: TeleTrader)
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Oil trades higher as US lawmakers strike stimulus deal

Crude futures traded with gains on Wednesday as investor sentiment improved after United States lawmakers struck an agreement on a $2 trillion coronavirus relief bill, set to be passed in the Senate later in the day.

Furthermore, prices were aslo boosted by a reported decline in US oil inventories as private data showed stockpiles dropped 1.25 million barrels last week. The gains were capped by lingering demand concerns as a growing number of countries is imposing travel restrictions over COVID-19 fears.

International benchmark Brent for settlements in May climbed 2.36% to sell for $27.79 per barrel at 3:38 am ET and West Texas Intermediate (WTI) jumped 3.04% to go for $24.81 per barrel at 3:39 am ET. Still, oil was down over 50% for the month amid the Russia-Saudi Arabia price war and the coronavirus pandemic.

Breaking the News / NP