REUTERS

Oil prices rose on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.

U.S. West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel at 0427 GMT, building on a 1.2% rise on Tuesday, as reported by Reuters.

Read alsoUkraine cuts spending in foreign currency on coal imports by 40%Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel, adding to a 2.1% gain on Tuesday.

U.S. President-elect Joe Biden’s Treasury Secretary nominee Janet Yellen urged lawmakers on Tuesday to "act big" on pandemic relief spending, reinforcing hopes of massive spending to boost growth.

Traders will be watching out for U.S. crude and products inventory data due from the American Petroleum Institute on Wednesday and from the Energy Information Administration on Friday.

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