Oil Stable on US Stimulus Hopes But Demand Concerns Persist

Oil received some support from renewed hopes about a US fiscal stimulus, but concerns about an increase in Corona Cases weighing on demand.

West Texas Intermediate (WTI) crude oil futures slipped 1 cents to $ 40.21 a barrel after jumping 2.4% on Wednesday. Brent crude futures also rose to 42.32.

Trump administration proposes a new stimulus package to the House of Representatives worth $ 1.5 trillion.

However, concerns persist, as the Corona pandemic has claimed the lives of more than 206 people in the United States and infected more than 7.2 million people.

Growth in supplies from the Organization of the Petroleum Exporting Countries (OPEC) is also putting pressure on the market, as production rose by 160,000 barrels per day in September from August as some Libyan facilities resumed their work