Oil prices rose after recording the biggest decline in a week due to concerns over global demand affected by the discovery of a new Covid-19 variant.
US WTI crude futures traded steady at $ 47.75 a barrel, after falling more than 1.3% on Monday. Brent crude was trading positive at $ 51.02 a barrel in today's Asian market session.
Crude oil trading increased in tandem with the rise in stocks in the Asian market, where Japanese stocks hit a 29-year high as driven by rising risk sentiment.
At today's Asian session, the U.S. House of Representatives passed a bill to increase check aid to $ 2,000 as proposed by President Donald Trump last week. Now the market is waiting for the US Senate decision to approve it.
The recent rise in oil prices, driven by positive developments on vaccines, has been dampened by market concerns over fuel demand that may be affected following the new discovery of the Covid-19 variant.
Adding to the market concern is the continued increase in coronavirus cases worldwide. The UK once again recorded the highest daily increase of 41,385 cases on Monday.
