• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 5 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 days Oil Prices Fall After Fed Raises Rates
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 11 days The Federal Reserve and Money...Aspects which are not widely known

Breaking News:

Gasoline Draw Sends Oil Prices Higher

Fears Of Economic Slowdown Cap Crude Prices

Fears Of Economic Slowdown Cap Crude Prices

Tightening monetary policy is expected…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Rises On Expectations Of ‘Big’ U.S. Stimulus Package

Oil prices shook off the risk-off trade on Monday and rose early on Tuesday, amid expectations that U.S. Treasury Secretary nominee Janet Yellen will push for a large relief package to support the U.S. economic recovery.

As of 10:39 a.m. ET on Tuesday, WTI Crude prices were up 0.92 percent at $52.80 and Brent Crude was trading up 1.92 percent at $55.80.

A weaker U.S. dollar also helped the rise in crude oil prices. The dollar slipped from a one-month high early on Tuesday, just before Yellen was expected to speak at the Senate Finance Committee at her confirmation hearing. According to Reuters, Yellen was expected to say that the U.S. must “act big” in the upcoming stimulus package.  

The weaker dollar, which makes crude cheaper for holders of other currencies, as well as expectations that a large stimulus package will bolster economic growth in the world’s largest economy later this year, pushed oil prices higher on Tuesday.

In addition, despite the fact that the International Energy Agency (IEA) cut its oil demand recovery outlook for this year by 300,000 bpd to 5.5 million bpd, the agency noted in its closely-watched Oil Market Report on Tuesday that “a widespread vaccination effort and an acceleration in economic activity is expected to spur stronger growth in the second half of the year.”

“Much more oil is likely to be required, given our forecast for a substantial improvement in demand in the second half of the year,” the IEA said.

Some small supply outages may have also supported oil prices. Kazakhstan, a key OPEC+ producer of the non-OPEC group led by Russia, has seen in recent days its oil production lower than average because of power outages in freezing winter. Libya is also reportedly pumping oil at a rate lower by 200,000 bpd compared to last week after a leak forced the shutdown of an oil pipeline.

Crude oil prices are holding up well and have yet to break any downside levels that could signal a deeper short-term correction, Saxo Bank said in a market commentary early on Tuesday.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News