Stimulus Discussions Help Boost Oil Prices – 22 October, 2020

Oil prices were slightly higher despite higher U.S. inventories, boosted up by comments about the progress of a stimulus package by U.S. House Speaker Nancy Pelosi. Brent crude futures were up 73 cents to $42.46. U.S. West Texas Intermediate crude futures were 61 cents higher to $40.64. Both contracts lost over 3% this week, their biggest daily decline in three weeks. Fuel demand took another hit as COVID-19 cases spread around the world and countries reinforced travel restrictions. Speaker Pelosi had said that both sides were close to outlining a stimulus package, leading to expectations that demand will increase and provide some relief for the economy.