Oil Ends up, Lack of U.S. Stimulus Could Pressure Market Again

© Reuters.

By Barani Krishnan

Investing.com – Oil prices rose for a second day in a row Tuesday, snapping a prior two-session loss, but the market could be under pressure again after President Donald Trump halted talks with Democrat rivals in Congress for a new coronavirus stimulus.

“I am rejecting their request, and looking to the future of our Country,” Trump said in a series of tweets, referring to the negotiations that have dragged in Congress since almost $3 trillion in Covid-19 relief packages passed in March in a bipartisan way between the Democrats and Republicans from Trump’s party.

“I have instructed my representatives to stop negotiating until after the election,” said Trump, who came out of a military hospital on Monday after two days of treatment for Covid-19 infection. The president, described by White House officials as “not out of the woods” yet on his recovery from the virus, cited House Speaker Nancy Pelosi’s demand for $2.4 trillion for the stimulus versus the $1.6 billion offered by Republicans.

Oil prices settled Tuesday’s session up sharply, following through with Monday’s rebound.

New York-traded , the key indicator for U.S. crude prices, settled at $40.67 per barrel, up $1.45 on the day. WTI was at $40.05 by 3:50 PM ET (19:50 GMT).

London-traded crude, the global benchmark for oil, settled up $1.36 at $42.65. Brent was at $42.09 by 3:50 PM ET.

The oil market is awaiting industry estimates from the American Petroleum Institute on weekly crude oil stockpiles at 4:30 PM ET.

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