8/10, 4:31 PM (Source: TeleTrader)
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Oil up 3% ahead of US infrastructure vote

Prices of oil futures rose over 3% on Tuesday ahead of the United States Senate vote on the $1 trillion bipartisan infrastructure bill, which proposes allocating $550 billion to new federal investments over five years, potentially boosting the economic growth of the world's biggest oil consumer. If it passes the Senate, the bill has to be approved by the House of Representatives and US President Joe Biden before becoming law.

In addition, oil market participants will monitor the American Petroleum Institute's US oil inventories report later in the day.

Brent for October deliveries rose by 2.82%, going for $70.97 per barrel at 10:19 am ET, while West Texas Intermediate (WTI) for settlements in September jumped 3.28% to sell for $68.63 per barrel a minute later.

Breaking the News / MS