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Crude oil futures end higher on stimulus hopes

21 Jan 2021 Evaluate

Crude oil futures ended higher on Wednesday amid hopes the Joe Biden administration will step up stimulus to boost growth, which in turn will result in increased demand for energy. A weak dollar also contributed to oil's uptick. However, the increase was limited due to surging coronavirus cases in several countries and on reports saying authorities at many places across the world are looking to tighten lockdown measures to curb infections.

Crude oil futures for February gained $0.26 or 0.5 percent to settle at $53.24 barrel on the New York Mercantile Exchange. March Brent crude rose 0.7 percent to settle at $ 56.27 a barrel on London's Intercontinental Exchange.

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