Oil prices rise amid COVID-19 developments

27/10/2020 Argaam

Oil prices edged up on Tuesday, recouping some of the losses from the previous session, amid developments in crude supply and demand status as global coronavirus cases continue to rise.

 

With regard to the talks on the US fiscal stimulus package, House of Representatives Speaker Nancy Pelosi said on Monday she hoped a deal can be reached soon.

 

In terms of trading, Brent crude was trading up 0.9% at $40.81 a barrel, at 8.50 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures also rose 0.8% to $38.85 a barrel.

 

Meanwhile, US crude stockpile estimates for last week by the American Petroleum Institute are due to be released later today.

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