Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic.

U.S. crude touched a high of $25.10 a barrel early in the session and was at $24.61 a barrel, up 60 cents, or 2.5%, by 1243 GMT.

Brent crude was trading up 49 cents, or 1.8%, at $27.64 a barrel.

The U.S. Congress may vote on Wednesday on the $2 trillion stimulus package which boosted stock markets on Tuesday.

Still, demand for oil products, especially jet fuel, is falling worldwide as more governments announce nationwide lockdowns to curb the spread of the coronavirus, putting a lid on oil price gains.

Source : Reuters