Oil was steady near a 10-month high on optimism that a potential U.S. stimulus package may boost spending and lift fuel demand.

Futures in New York traded near $54 a barrel and are poised for the 10th weekly increase in eleven weeks. President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the coronavirus-wracked economy. The Covid-19 outbreak that eviscerated fuel consumption globally continues to spread rapidly in the U.S., even as states ramp up vaccination.

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