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Crude oil prices are moderately higher Monday morning, as traders created fresh long positions after U.S. President Donald Trump signed a coronavirus aid and spending package.
Oil prices tumbled earlier amid persisting concerns about outlook for energy demand due to fears over a surge in coronavirus cases and possible tighter restrictions on business in several countries.
Volume of business, however, remains somewhat thin due to upcoming holidays.
West Texas Intermediate Crude oil futures for February are up $0.50 or 1.04% at $48.73 a barrel, coming off a low of $47.50 a barrel.
Brent crude futures are rising $0.40 or 0.78% at $51.74 a barrel.
On Sunday, U.S. President Donald Trump signed legislation for $900 billion in coronavirus economic aid and $1.4 trillion in government spending, providing support for millions of Americans and averting a government shutdown. He had earlier threatened to block the package.
"I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more," Mr. Trump said in a statement.
