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Slight gains for oil price as Asian demand rebounds

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Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen.

Brent crude added 22 cents, or 0.5%, to $45.21 a barrel, as of 0441 GMT. West Texas Intermediate U.S. crude  rose 32 cents, or 0.8%, to $42.26 a barrel.

“Crude oil gained amid signs of further stimulus measures,” ANZ said in a note.

“U.S. lawmakers continued negotiations on the massive virus relief economic package with Treasury Secretary Steven Mnuchin saying there are areas where compromise is possible and a fair deal could be agreed upon. Sentiment was also boosted by comments from Saudi Aramco that demand is improving.”

Prices found support after U.S. President Donald Trump tweeted that top congressional Democrats wanted to meet with him on coronavirus-related economic relief.

The talks between Democrats and the Trump administration broke down last week.

A weaker U.S. dollar also helped support higher oil prices, said Energy Aspects analyst Virendra Chauhan.

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