Oil prices have resumed a steady climb since last week supported by market confidence that a larger US fiscal stimulus will boost fuel demand.
Brent crude futures added 36 sen to $ 56.26 a barrel, while the US WTI rose 41 sen with a strong trade at $ 53.39 a barrel.
Treasury Secretary-General Janet Yellen has urged lawmakers in her statement on Capitol Hill to take greater action against the US economic stimulus package.
The oil market continued to rise even though the International Energy Agency cut its first quarter oil demand outlook by 580,000 barrels a day following tight closures in Europe to curb the spread of Covid-19.
However, investors remain wary of the ongoing increase in coronavirus cases and the recent closures implemented around the world.
Investors are currently awaiting President Joe Biden's inaugural address to get detailed information on the country's $ 1.9 trillion aid package and indications of policies to be implemented under his administration.
