Oil traders are going long on hopes that a $1.9 trillion stimulus package proposed by Joe Biden last month would see the light of day.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
Oil prices drifted lower after digesting a surprising build in U.S. crude oil inventories that re-ignited fuel demand anxiety.
Brent crude futures dropped about 1%, to $54.65 a barrel, after losing 2.3% on Friday.
Oil prices were under pressure on fears of recent lockdown measures sighted in China.
Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
Brent crude futures gained 0.63% to trade at $54.72 a barrel while the WTI futures rallied by 0.61% to trade at $51.14 a barrel.
Oil prices drifted lower amid reports revealing OPEC+ members are disconnected as regards to February crude oil output quota.
WTI futures traded at $48.85 a barrel thereby printing a gain of 0.68% and Brent crude futures gained 0.69% to trade at $51.80 per barrel.
Recent data retrieved from the American Petroleum Institute (API) reveals a decline of 4.785 million barrels for the week ending December 25.
