Oil price higher, boosted by US stimulus hopes

Brent crude futures settled US73 cents higher at $42.46 a barrel and U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $40.64. Both crude contracts shed more than 3% on Wednesday in their steepest daily falls in three weeks.

NEW YORK: Oil prices ticked up on Thursday, boosted by the possibility of an economic stimulus package in the United States, but struggled to recover fully from the previous session's losses when higher U.S. gasoline inventories signalled a deteriorating demand outlook as coronavirus cases soar.

Brent crude futures settled US73 cents higher at $42.46 a barrel and U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $40.64.