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Gulf Today Report

Oil trimmed its losses on Monday following President Donald Trump signing of $2.3 trillion pandemic stimulus package.

Brent crude futures declined 25 cents, or 0.5%, to $51.04 a barrel while US West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel. 

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Jeffrey Halley, senior market analyst at OANDA said the signing of the bill has aided oil in recovering a lot of its losses today.

"With trading volumes thinned by the holiday week, oil is likely to remain below the radar in coming days. That said, the signing of the US stimulus bill, with the possibility of increased size, should put a floor under oil prices in a shortened week," Halley added.

 According to market watchers, the development of the oil market would be determined by the situation of the virus.