Oil Closes Higher on Stimulus Hopes

Oil prices closed higher on Monday, amid increased hopes for a new economic stimulus package in the United States.

However, rising concerns about the increasing number of COVID-19 cases in many countries limited the gains of crude prices.

Brent crude futures closed higher by 51 cents, or 1.22%, at $42.43 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) futures added 35 cents, or 0.87%, to settle at $40.60 per barrel.