Oil rises 1% on economic hope; coronavirus fears check price gains

Oil prices rose 1 per cent on Monday as global equities rallied on hopes for another US stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.

Brent crude settled at $42.43 a barrel, up 51 cents, or 1.22 per cent. US West Texas Intermediate settled at $40.60 a barrel, rising 35 cents, or 0.87 per cent.

"In my opinion, the most likely event capable of moving the crude oil market to the next level would be the passing of a coronavirus stimulus package," said Bob Yawger, director of energy futures at Mizuho.

Oil followed