Progress on the stimulus brought Brent crude for November delivery up from its session low of US$40.30 a barrel. It ended the session down 8 cents at $40.95 a barrel. West Texas Intermediate (WTI) rose 93 cents, or 2.4% to $40.22 a barrel. The November Brent contract expires on Wednesday, to be replaced by the December contract, which settled up 74 cents at $42.30 a barrel.
NEW YORK: Global benchmark Brent crude pared losses Wednesday and the U.S. crude price rose on hopes that a U.S. economic stimulus deal would support the market, even as concerns about the coronavirus pandemic continued to loom over demand forecasts.
U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough on coronavirus relief, as the House stood poised to vote on a new $2.2 trillion Democratic coronavirus bill.
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