Oil Prices Bounce from Friday’s Sharp Fall — Market Talk

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Oil Prices Bounce from Friday’s Sharp Fall — Market Talk

US benchmark oil prices are rising, up 0.7% at $61.94 a barrel after a 3.2% fall on Friday that was its biggest one-day decline in five months. “Oil is higher as stimulants are in play and awaiting this month’s adjustments from OPEC,” says Peter Cardillo at Spartan Capital. The House on Saturday morning passed President Biden’s stimulus bill, though without bipartisan support. The Senate now takes it up. OPEC meets Thursday, and some analysts warn $3 average US retail gasoline prices could be coming unless the Saudi-led group quickly starts increasing crude-oil production.