Oil prices rose on Tuesday, amid optimism that US fiscal stimulus will support global economic growth and crude demand. Traders were also upbeat after data showing Chinese refiners processed record volumes of crude in December. Investors now anticipate US President-elect Biden’s inauguration speech on Wednesday for details on the country’s $1.9 trillion aid package. Oil prices have been supported by Saudi Arabia’s additional supply cuts in the next two months.

Limiting the rise was concerns about rising COVID-19 cases globally and renewed lockdown measures. China today reported a total of 118 newly confirmed cases, with authorities calling on citizens in the Hebei region not to travel ahead of the Lunar New Year festival. At around 07:30 AM GMT, WTI crude rose 0.1% to $52.4 a barrel, while Brent crude was up 0.7% to $55.15 a barrel.