Oil prices rose more than $ 1 on Monday following rising market confidence in the global economic recovery after significant gains in the US $ 1.9 trillion stimulus package.
Both crude oil benchmarks had previously experienced a sharp fall over the last week amid a surge in the US dollar which made oil prices more expensive for other currency holders.
However, after losing 3.2% on Friday, US WTI crude futures again showed an increase above $ 62 a barrel at the start of today's Asian session.
Meanwhile, Brent crude futures for May also rose 1.7% to $ 65.49 a barrel.
The U.S. House of Representatives approved the coronavirus relief package on Saturday with a strong vote. The bill will then be brought to the Senate for a vote and it is hoped that it will be passed before March 14, which is before the implementation of the previous stimulus package ends.
This week's OPEC + meeting will be an important moment in determining the future of the next crude oil production, which is expected to bring about changes in supply cut commitments by member countries in line with the recovery in oil prices.
