SINGAPORE (Reuters) – Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a slowdown in China’s February factory activity growth capped gains.
Brent crude futures for May rose $1.24, or 1.9%, to $65.66 per barrel by 0718 GMT. The April contract expired on Friday.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.18, or 1.9%, to $62.68 a barrel.
Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.
“Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House,” Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday. Read more…..
Chart of the Day
Sep.19 — Jeff Bezos, Amazon Founder, entrepreneur and owner of the Washington Post, talks to David Rubenstein about his background, how he came up with the idea for Amazon, building the company, some of the key businesses including Prime and Whole Foods, the space race and philanthropy. The world’s richest man says his most important decisions are made not with quantitative analysis but “with instinct, intuition, taste, heart.” Bezos speaks in the latest episode of “The David Rubenstein Show: Peer-to-Peer Conversations.” The interview was taped on September 13 in Washington.