Oil rises, markets await US stimulus package

US, WASHINGTON (ORDO NEWS) — Oil prices rise for the third consecutive session on Wednesday in the hope that Washington will soon approve a large-scale package of economic support measures to mitigate the effects of the coronavirus pandemic.

Futures for Brent crude oil rose 2.9% to $ 27.94 per barrel against 8:48 Moscow time, on WTI – 3.3% to $ 24.85 per barrel.

US Assistant to President Donald Trump Eric Welland said senators and administration officials have agreed on a package of measures that is expected to be $ 2 trillion. Congress may vote on the bill as early as Wednesday.

The American Petroleum Institute (API) reported that US oil inventories were down 1.2 million barrels to 451.4 million for the week ended March 20, while analysts predicted they would rise 2.8 million barrels.

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