Latest News

Oil prices edge up on demand hopes from China's 'looser' financial policy

Oil prices increased somewhat early on Wednesday, with market participants anticipating to see demand rising in China next year after Beijing revealed a looser monetary policy to stimulate financial growth.

Brent unrefined futures gained 10 cents, or 0.14%, to $ 72.29 a barrel by 0131 GMT, while U.S. West Texas Intermediate unrefined futures rose 9 cents, or 0.13%, to $68.68.

China said on Monday it would embrace properly loose financial policy in 2025 as Beijing attempts to spur its economy with the very first easing of its stance in 14 years.

Chinese crude imports also grew annually for the first time in seven months in November, up more than 14% from a year previously.

China's policy modifications, nevertheless, are not likely to provide much support to costs till the Trump 2.0 policies act, which can counter the bullish bias, stated Mukesh Sahdev, head of oil analysis at Rystad Energy.

This (China's modifications) can just assist avoid even more downsides at best, he stated.

In the U.S., crude oil and fuel stocks increased recently, market sources stated on Tuesday, pointing out American Petroleum Institute figures on Tuesday.

Crude stocks rose by 499,000 barrels in the week ended on Dec. 6, the sources said on condition of anonymity. Gas stocks increased by 2.85 million barrels, and extract stocks rose by 2.45 million barrels, they stated.

Official data on oil stocks from the U.S. Energy Details Administration is due on Wednesday at 10:30 a.m. ET

(source: Reuters)