Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut

Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel. Hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states …read more

Source:: Yahoo Finance