Oil up 1% on economic hope; virus fears check price gains

Brent crude settled at US$42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate settled at $40.60 a barrel, rising 35 cents, or 0.87%

NEW YORK: Oil prices rose 1% on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.

Brent crude settled at US$42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate settled at $40.60 a barrel, rising 35 cents, or 0.87%.