Oil prices were trading down for the day before trading up later in the session on news of a big proposed stimulus package by the incoming administration. The Biden admin is proposing a $2T stimulus package that includes direct payments to individuals and money for state and local government. “The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1\/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said. China is reporting its biggest daily jump in Covid cases in 10 months. “The Saudi cuts are priced in since last week, even a bit more than was reasonable under market conditions, and a rationalization of prices was overdue,” said Rystad oil market analyst Bjornar Tonhaugen. “Seeing COVID-19 infections rise in China by the largest margins in a long time is alarming for the market and, combined with strict ongoing lockdowns in Europe, may affect oil demand much more than initially anticipated in the first quarter. WTI traded up $.66 or 1.25% to close at $53.57. Brent traded up $.36 or .64% to close at $56.42.<\/p>\n\n\n\n