Oil prices rose on Tuesday after US Senate approval of a $1.9 trillion stimulus bill and on ahead of data on crude oil inventory in the United States.
Brent crude was trading up 0.4% at $68.52 per barrel, at 9 am Makkah time. The international benchmark crossed the $71-level on Monday, March 8, 2021.
West Texas Intermediate (WTI) crude was trading up 0.1% to $65.17 per barrel.
“Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy,” Reuters reported, citing Stephen Innes, chief global markets strategist at Axi.
The Kingdom decided last week to extend its voluntary production cuts to April, after it was set to expire in March.
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