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Oil prices rise amid market optimism

NEW YORK
2020-12-30 05:10

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NEW YORK, Dec. 29 (Xinhua) -- Oil prices moved higher on Tuesday, buoyed by optimism on U.S. fiscal stimulus.

The West Texas Intermediate for February delivery added 38 cents to settle at 48 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 23 cents to close at 51.09 dollars a barrel on the London ICE Futures Exchange.

The Democrats-held House of Representatives on Monday passed a bill to boost the second round of federal direct payments to 2,000 U.S. dollars for individuals, up from the 600 dollars for individuals in the new relief package.

The vote came after U.S. President Donald Trump recently asked Congress to increase the amount of stimulus checks.

The House passed the 2,000-dollar direct payments in a fast-track procedure that needed two-thirds support. But it remains to be seen whether a Republican-controlled Senate would go along with it.

Traders also assessed possible headwinds from the supply side.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, are expected to meet on Jan. 4. The group is set to boost output by 500,000 barrels per day in January.
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