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Jan. 20, 2021, 2:46 p.m. EST

Oil futures end higher as prospects for further economic stimulus boost the outlook for demand

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By Myra P. Saefong

Oil futures finish higher on Wednesday, with prospects for further economic stimulus under President Joe Biden boosting the outlook for energy demand. "The oil market seems unfazed with all the new virus variants and lockdown headlines" and instead focused on "Biden's agenda that should help defeat COVID a lot sooner and support large parts of the economy until crude demand recovers," said Edward Moya, senior market analyst at Oanda, in a market update. February West Texas Intermediate crude , which expired at the end of day's session, rose 26 cents, or 0.5%, to settle at $53.24 a barrel on the New York Mercantile Exchange. March WTI crude , the new front-month contract, settled at $53.31 a barrel, up 33 cents, or 0.6%.

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