WTI has gained this morning after China moved to lower its key lending rates, said an analyst
Brent crude futures for November were up 84 cents at $74.74 a barrel and US WTI rose 92 cents $71.29SINGAPORE – Oil prices rose on Tuesday on news of monetary stimulus from top importer China and concerns that tensions in the Middle East could hit regional supply, while a major hurricane loomed over the United States, the world's biggest crude producer.
"WTI has gained this morning after China moved to lower its key lending rates. The crude oil market has been looking desperately towards Chinese authorities for further easing measures to counter the economic slowdown," said Tony Sycamore, market analyst at IG. The rally in oil prices may not, however, be sustainable in the medium term, as internal demand may continue to be weak while more accommodative monetary policies are not matched by expansionary fiscal policies, said Kelvin Wong, senior market analyst at OANDA.
The broader-than-expected package offering more funding and rate cuts marks Beijing's latest attempt to restore confidence after a slew of disappointing data raised concerns of a prolonged structural slowdown.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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