Oil Gains after US Infrastructure Bill, Plans to Address Prices

U.S. President Joe Biden on Nov. 6 welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel.

Julia Payne, Reuters

Oil prices rose on Nov. 8 as positive signs for global economic growth supported the outlook for energy demand and the U.S. said it was weighing options to address high prices.

Brent crude was up by 70 cents, or 0.9%, at $83.44/bbl at 1255 GMT, after dropping nearly 2% last week. WTI oil in the U.S. gained 80 cents, or 1%, to $82.07, having declined almost 3% through Nov. 5.

U.S. President Joe Biden on Nov. 6 welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel.

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