NEW YORK: Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden's inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.

Brent futures for March delivery rose US$1.15, or 2.1%, to settle at $55.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 1.2%, to settle at $52.98. Front-month February WTI futures expire on Wednesday.