Oil prices rise on hopes of increased Chinese demand after the country announced a looser monetary policy, despite ongoing production cuts by OPEC.
Oil prices climbed by more than 1% on Monday after China unveiled plans to adopt its first loosened monetary policy stance since 2010 as it looks to boost economic growth. Brent crude for February delivery was up 1.52% to trade at $72.21 per barrel at 10.00 am ET while the WTI crude January contract gained 1.80% to $68.41 per barrel.
'The development in Syria has added a new layer of political uncertainty in the Middle East, providing some support to the market,' said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.'But Saudi Arabia's price reductions and OPEC's production cut extension last week underscored weak demand from China, indicating the market may soften toward year-end,' he added.
China Monetary Policy Economic Stimulus OPEC+ Production Cuts Middle East Tension Demand Outlook Supply Concerns Market Volatility
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