Oil prices advanced on Tuesday as investors anticipate another drawdown in crude oil inventory in the US and as US President-elect Joe Biden’s plans to unveil new COVID-19 fiscal relief bill on Thursday, promising trillions of dollars”, which could benefit oil and energy demand. Meantime fears about the drop in demand from China faded after the number of local virus cases in China dropped in the past 24 hours, amid a series of new lockdown measures in Hebei province near Beijing. At around 07:15 AM GMT, WTI crude rose 0.7% to $52.61 a barrel while Brent oil gained 0.6% to $56.01.
