19.01.202109:19:00UTC+00Oil Prices Rise As Dollar Eases

Oil prices rose on Tuesday as the dollar weakened and China's forecast-beating quarterly GDP growth figures helped shift investor focus back to demand.

Brent crude futures for March delivery climbed 66 cents, or 1.2 percent, to $55.41 a barrel, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.4 percent, at $52.64.

There was no settlement on Monday as U.S. markets were closed for the Martin Luther King Holiday.

The U.S. dollar eased as investors looked to comments from U.S. Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing later today.

According to a copy of her prepared remarks. Yellen will call on the federal government to "act big" to ramp up the recovery.

Biden and his administration will be sworn into office on Wednesday, with investors waiting for clarity on spending and the policies of the incoming government.

Investors also remain hopeful that economic growth in China will help support growth in the Asian region.

Refineries in China, the world's top crude oil importer, posted record throughput in 2020, processing 3 percent more crude oil than a year ago, data released on Monday showed.