Oil prices rise as U.S. passes COVID-19 stimulus bill

Oil prices rose more than $1 on Monday as the US House passed the $1.9 trillion COVID-19 stimulus package.

Brent crude futures for May rose to $65.49 per barrel by $1.07, or 1.7%.  The April contract expired on Friday.

U.S. West Texas Intermediate (WTI) crude futures rose by $1.10, or 1.8%, to $62.60 a barrel.

“Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House and as central banks continue to sabre rattle to ward off market-implied financial tightening,” Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.

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