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New York's West Texas Crude (WTI) contract closed 2 percent higher overnight (Feb. 8), while Brent crude rose above $ 60 / barrel for the first time in more than a half. One year to respond to the progress of the US economic stimulus package. Including production cuts of the Petroleum เกมยิงปลา Exporting Countries (OPEC) and allies. Or OPEC Plus
WTI crude oil contract for delivery in March It rose $ 1.12, or 2 percent, to $ 57.97 a barrel. Which is the highest closing level since 21 Jan 2020
Brent crude oil contract (BRENT) for delivery in April. It rose $ 1.22, or 2.1 percent, to $ 60.56 a barrel. Which is the highest closing level since 24 Jan 2020
Crude oil contracts closed up strongly. Responds to the hope that The US government will soon release a new round of stimulus. Democrats succeeded in pushing Congress to approve President Joe Biden's $ 1.9 trillion fast-track stimulus package using a budgeting approach that Called budget reconciliation This will help pave the way for President Biden's economic stimulus measures to pass Congress without the need for Republican support.
Ms. Nancy Pelosi, President of the US House of Representatives Said after Congress approved budget reconciliation guidelines On Friday that The US Congress is expected to be able to pass a resolution approving economic stimulus measures to cure US citizens and businesses affected by the COVID-19 epidemic before March 15, the day the aid measures are taken. The unemployed affected by COVID-19 will expire.
The oil market was also boosted by Saudi Arabia cut its output of 1 million bpd to 8.125 million bpd. Starting from Feb. 1 until the end of March While the report said OPEC Plus continued to cut production in line with the deal.