Oil prices climb after progress on huge U.S. stimulus bill

* U.S. House of Representatives pass $1.9 trln COVID relief
plan
* J&J's COVID-19 shot gets CDC panel backing
* Investors eye OPEC+ meeting this week

By Jessica Jaganathan
SINGAPORE, March 1 (Reuters) - Oil prices rose more than $1
on Monday on optimism in the global economy thanks to progress
in a huge U.S. stimulus package and on hopes for improving oil
demand as vaccines are rolled out.
Brent crude LCOc1 futures for May rose $1.07, or 1.7%, to
$65.49 per barrel by 0042 GMT. The April contract expired on
Friday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures
jumped $1.10, or 1.8%, to $62.60 a barrel.
"Oil prices are recovering this morning in line with most
risk assets on the back of the U.S. stimulus bill passing the
House and as central banks continue to sabre rattle to ward off
market-implied financial tightening," Stephen Innes, chief
global markets strategist at Axi, wrote in a note on Monday.
U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday. Democrats who control
the chamber approved the sweeping measure by a mostly party-line
vote of 219 to 212 and sent it to the Senate, where Democrats
planned a legislative manoeuvre to allow them to pass it without
the support of Republicans.
More positive news on the coronavirus vaccination front and
signs of an improving Asian economy also boosted prices.
A U.S. Centers for Disease Control and Prevention advisory
panel voted unanimously on Sunday to recommend Johnson &
Johnson's JNJ.N COVID-19 shot for widespread use, and U.S.
officials said initial shipments would start on Sunday.
J&J expects to ship more than 20 million doses by the end of
March and 100 million by midyear, enough to vaccinate nearly a
third of Americans.
Over in Japan, a private survey showed factory activity
expanding at the fastest pace in over two years in February,
adding to signs of a rebound in Asian growth. On the flip side, investors are betting that this week's
meeting of the Organization of the Petroleum Exporting Countries
(OPEC) and allies, a group known as OPEC+, will result in more
supply returning to the market. "More supply needs to come onto the market to ensure OPEC+
meets incremental demand and keeps internal discipline ducks in
a row," Innes added.