Oil Recoups losses as Trump Signs Virus Aid Bill, Restores Unemployment Benefit

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Crude oil got rid of some of its losses after US President  Donald Trump signed a $2.3 trillion coronavirus aid

According to CNBC Brent crude futures were down 25 cents, or 0.5%, to $51.04 a barrel at 0700 GMT, having fallen as much as 1.5% to $50.53 a barrel earlier in the session.

While U.S. West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel.

“With President Trump signing the bill, oil has quickly recouped most of its losses today, although both Brent and WTI remain modestly in the red,”

And he went further to say

“With trading volumes thinned by the holiday week, oil is likely to remain below the radar in coming days. That said, the signing of the U.S. stimulus bill, with the possibility of increased size, should put a floor under oil prices in a shortened week,”

Jeffrey Halley, senior market analyst at OANDA.

The President’s move was applauded as it would restore unemployment benefits to millions of Americans

The oil market would be taking cues from the virus situation as it develops in the coming days, market watchers said.

As President, I have told Congress that I want far less wasteful spending and more money going to the American people in the form of $2,000 checks per adult and $600 per child……I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more

President Donald Trump

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