Oil prices were up on Wednesday as markets await the announcement of a higher US relief package during the US President-elect’s inauguration speech later Wednesday, although rising coronavirus cases are capping upward price movements.
International benchmark Brent crude was trading at $56.34 per barrel at 0656 GMT for a 0.79% rise after closing Tuesday at $55.90 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $53.46 per barrel at the same time for a 0.91% increase after it ended the previous session at $52.98 a barrel.
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