Oil Prices Jump After The US House of Representatives Approved a Huge Stimulus Package

Oil prices rose more than a dollar today, Monday, after the US House of Representatives approved a massive stimulus package, but the slowdown in the growth of factory activities in China limited the gains.

Brent crude futures for May delivery increased $ 1.24, equivalent to 1.9%, to $65.66 a barrel. The April contracts expired on Friday.

US West Texas Intermediate crude futures jumped $1.18, equivalent to 1.9%, to $ 62.68 a barrel.

The month of the nearest maturity of the two contracts hit a 13-month high last week, but retreated on Friday, along with global financial markets, after bonds fell due to inflation concerns.

The US House of Representatives passed a stimulus package worth $1.9 trillion on Saturday, boosting investor risk appetite and boosting stock markets in Asia. The package moves to the Senate for further discussions.

And the approval of the Johnson & Johnson vaccine to prevent COVID-19 strengthened the outlook for the economy.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies, a group known as OPEC +, meet on Thursday and may discuss allowing up to 1.5 million barrels per day to return to the market.