Oil prices rose over 1 percent on Thursday, as vaccine rollouts and passing of the U.S. President Joe Biden’s landmark $1.9trn stimulus package bolstered the economic outlook.

Brent crude for May settlement rose 89 cents, or 1.3 percent, to $68.79 a barrel, while U.S. West Texas Intermediate crude futures for April delivery were up 97 cents, or 1.5 percent, at $65.38.

U.S. President Joe Biden on Wednesday directed his administration to order another 100 million doses of the Johnson & Johnson coronavirus vaccine, another step to amass stockpiles as a safeguard against manufacturing disruptions or outbreaks of coronavirus variants.

In another significant development, the U.S. House of Representatives on Wednesday approved Biden’s sweeping $1.9 trillion Covid-19 relief bill to help supercharge the U.S. economic recovery.

“Help is here,” Biden wrote in a tweet after the vote. He plans to sign the bill on Friday.

Investors were also reacting to the data released by the Energy Information Administration (EIA), which showed that crude inventories rose by 13.8 million barrels last week, compared with expectations for a build of 816,000 barrels.

However, gasoline inventories dropped by 11.869 million barrels last week, nearly 3 times the expected fall. Distillate stockpiles were down 5.5 million barrels, more than 1.5 times higher than the expected drop.

The material has been provided by InstaForex Company – www.instaforex.com

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