Oil Cuts Losses After Trump Signs The Aid Bill

Oil prices trimmed losses today, Monday, after US President Donald Trump signed an aid package for those affected by the Coronavirus and public spending totaling $ 2.3 trillion, but market sentiment was affected by persistent concerns about demand in the near term.

With the Asian markets closed, Brent crude futures were down 25 cents, equivalent to 0.5% to $ 51.04 a barrel, after falling as much as 1.5% to $ 50.53 a barrel earlier in the session.

US West Texas Intermediate crude futures fell 19 cents, or 0.4%, to $ 48.04 a barrel.

The US president’s move was welcomed because it would return unemployment benefits to millions of Americans and prevent the federal government from shutting down.