Oil above $56 on US stimulus hopes ahead of Joe Biden inauguration

Oil rose above $56 a barrel on Wednesday, supported by expectations that the new US administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts for a drop in US crude inventories.   US Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to "act big" on pandemic relief spending.

  A fall in the dollar after the comments helped oil to rally, analysts said.   "This provided a good backdrop for oil and other risk assets,".

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