U.S. oil futures jumped 11 percent today ahead of the expected approval of the economic stimulus package by the U.S. Congress, Reuters reported. The U.S. Congress today was expected to pass a $787 billion economic stimulus package aimed at unleashing large spending and also some tax cuts to help pull the economy out of a 14-month recession. The United States is the world's biggest oil consumer and the economic slowdown that started in the U.S. housing market more than a year ago has undermined energy demand, sending shock waves through the oil market. U.S. crude rose $3.80 to $37.78 a barrel by 1:20 p.m. EST (1820 GMT). London Brent crude for April traded down 40 cents to $45.63 a barrel. "It looks like a bounce on stimulus hopes, but only concentrated on the two front months," said Tom Bentz, analyst at BNP Paribas Commodity Futures.
