The market is awaiting official oil inventory data from the U.S. Energy Information Administration (EIA) on Friday
Gold will trade in range until market gets more clarity on the new Joe Biden-administration's policies
US Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to "act big" on pandemic relief spending
U.S. West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel at 0427 GMT, building on a 1.2% rise on Tuesday
NEW YORK (Reuters) - Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden's inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.
Consumption in the first quarter of 2021 will be 600,000 barrels a day lower than previously thought, the agency said as the coronavirus outbreak continues to impede people's movements
Brent crude futures for March rose 17 cents, or 0.3%, to $54.92 a barrel by 0150 GMT after slipping 35 cents in the previous session
US oil was down by 43 cents, also nearly 1%, at $51.93 a barrel, having declined 2.3% in the previous trading session
Brent fell $1.32, or 2.3%, to settle at $55.10 a barrel
NEW YORK (Reuters) - Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.
Futures in New York rose for a seventh session toward $54 a barrel, heading for the longest run of gains since February 2019
US crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week
Mainland China saw its biggest daily increase in virus infections in more than five months, authorities said on Monday
Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week
The move caps a stellar few months for the oil market, with crude emerging as a favored play to bet on coronavirus vaccines and global reflation
Brent crude rose 18 cents to $54.48 a barrel by 1:32 p.m. EST (1832 GMT) after touching $54.90, a high not seen since before the first Covid-19 lockdowns in the West
Overall, market breadth remained in the favour of the bulls with nearly two stocks rising against a stock that declined at the bourses
UBS expects Brent to trade at $63 per barrel in the second half of 2021
After taking support at 200 DMA, natural gas made bullish candle indicating bulls trying to stage comeback
While Covid-19-led lockdowns across the globe destroyed demand in the early part of 2020, a supply cut-driven rally and sharp recovery in the auto sector have emerged as big themes