Crude oil rose above $40 a barrel on speculation a U.S. stimulus plan will revive demand in the world’s largest energy consumer. Oil rose before a vote by Senate and Congress on President Barack Obama’s economic stimulus package of at least $780 billion. Lawmakers are more than 90 percent agreed on its contents, Lawrence Summers, director of the National Economic Council, said yesterday. Crude also gained as the dollar dropped against the euro, increasing the appeal of commodities as an inflation hedge. “The market is becoming more confident that the infrastructure packages, which are probably going to be approved this week, will have some effect,” said Eugen Weinberg, a Commerzbank AG analyst in Frankfurt. Oil for March delivery rose as much as 38 cents, or 1 percent, to $40.55 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $40.42 at 10:28 a.m. London time. Brent crude oil for March settlement rose as much as 35 cents, or 0.8 percent, to $46.56 a barrel on London’s ICE Futures Europe exchange. It was at $46.55 a barrel at 10:13 a.m. in London.

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