On December 11, oil prices rose on expectations of increased demand from China, which announced an easing of monetary policy to stimulate the economy. About this informs Reuters.
Brent crude rose by 36 cents (0.5%), reaching $72.55 per barrel. At the same time, West Texas Intermediate crude oil futures rose by a similar amount to $68.95 per barrel.
China announced on Monday that it intends to implement “appropriately accommodative” monetary policy in 2025, fueling upbeat sentiment in the market.
“Oil prices have managed to find a foothold recently as stronger policy signals from Chinese authorities have reignited hopes for stronger stimulus measures to be enacted in 2025.”,” noted Yip Jun Rong, market strategist at IG.
However, according to him, the increase in oil prices is still limited, as investors are waiting for more detailed information, not just positive statements. China’s crude oil imports rose 14% year-on-year in November, the first increase in seven months.
In the US, crude oil and fuel inventories also rose last week, according to the American Petroleum Institute. Crude oil stocks increased by 499,000 barrels, gasoline – by 2.85 million barrels, and distillates – by 2.45 million barrels. This data was confirmed by market sources on condition of anonymity.
