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Oil Futures Rise for Second Day in Row

M. Ali 20 January, 2021 11:30 pm Commodities, Market Update

Oil prices rose on Wednesday for the second consecutive session, amid expectations for increased stimulus spending by the new administration in the United Stated as President Joe Biden was officially inaugurated earlier today.

Brent crude futures for March delivery added 18 cents, or 0.3%, to close at $56.08 per barrel.

Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) crude futures for March rose by 33 cents, or 0.6%, to settle at $53.31 per barrel.

It remains to be seen how Biden’s energy and environmental policies will affect the oil industry. The new president vowed to block the Keystone pipeline, and a ban on fracking also remains a controversial issue.

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