US, WASHINGTON (ORDO NEWS) — Oil prices rose Tuesday thanks to hopes that the US will soon adopt a $ 2 trillion package of economic support for the fight against coronavirus, which could weaken the economic impact of the pandemic and support oil demand.
Futures for Brent crude oil rose 2.96% to $ 27.83 per barrel to 8:49 UTC, and WTI – 3.55% to $ 24.19.
“Oil prices are rising mainly due to the weakening dollar caused by unprecedented Fed action,” said Edward Moya, senior market analyst at OANDA brokerage.
The Federal Reserve on Monday introduced a range of programs for large companies, households, and small businesses, citing the “huge difficulties” facing the economy due to the coronavirus pandemic.
US Treasury Secretary Stephen Mnuchin on Monday called on the Senate to quickly approve a large-scale package of economic support measures, saying that it is urgently needed to support small businesses, workers and companies in industries such as aviation, amid a coronavirus outbreak.
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