Oil prices jumped more than 2% on Tuesday on news of monetary stimulus from top importer China and concerns that conflict in the Middle East could hit regional supply while another hurricane threatened supply in the United States, the world’s biggest crude producer.
Brent crude futures were up by $1.79, or 2.4%, at $75.69 a barrel by 1320 GMT. U.S. WTI crude futures rose by $1.87, or 2.7%, to $72.24.
The crude oil market has been looking desperately towards Chinese authorities for further easing measures to counter the economic slowdown,” said IG market analyst Tony Sycamore.
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Earlier in the day, China’s central bank announced its biggest stimulus since the COVID-19 pandemic to pull the economy out of its deflationary funk and back towards the government’s growth target.
The broader than expected package offering more funding and rate cuts is Beijing’s latest attempt to restore confidence after a slew of disappointing data raised fears of a prolonged structural slowdown.
