Read more from Author Ben Oakley here:

Oil prices rose on Tuesday as optimism that government stimulus will eventually boost global economic growth and demand outweighed concerns that new lockdowns from the COVID-19 pandemic are cooling fuel consumption.

* March Brent crude futures were up 46 cents to $ 55.21 a barrel at 0916 GMT, after falling 35 cents the previous session.

* West Texas Intermediate crude was up 4 cents at $ 52.40. The contract was not listed on Monday, as the US markets were closed for a holiday. WTI February futures expire on Wednesday.

* Investors are optimistic about demand in China, the world’s top oil importer, following data released Monday that showed production from its refineries rose 3% to a record high in 2020. China also avoided an economic contraction on last year.

* The market is also on the lookout for API industry association oil inventory data, expected Tuesday.

* On Wednesday, US President-elect Joe Biden’s inaugural address will likely provide details on the $ 1.9 trillion aid package.

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