Oil gains 1% on economic hope; coronavirus fears check price gains

By Laila Kearney NEW YORK (Reuters) - Oil prices rose 1% on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled at $42.43 a barrel, up 51 cents, or 1.22%.

U.S. West Texas Intermediate settled at $40.60 a barrel, rising 35 cents, or 0.87%. "In my opinion, the most likely event capable of moving the crude oil market to the next level would be the passing of a coronavirus stimulus package,".

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