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Price movements
By 08:52 GMT, oil futures were higher Brent 94 cents, or 1.32 percent, to $72.06 a barrel.
West Texas Intermediate crude futures were also up $1, or 1.49 percent, at $68.20 a barrel.
Giovanni Staunovo, an analyst at UBS Bank, said: “The easing of monetary policy is likely to be… China It is the engine behind the price recovery oil“.
Growth in China weakened as the housing market collapsed, affecting confidence and spending.
China’s slowdown was a factor behind the alliance decision OPEC+ Last week, it delayed its plans to increase production until April.
According to an official statement from a meeting of senior Communist Party officials, China will adopt moderate monetary easing, a term Beijing last used in 2010 when it tried to support recovery from the global financial crisis.
Oil prices also received support from the state of uncertainty following the fall of the Syrian president’s regime Bashar al-Assad.
Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting, said: “Developments in… Syria “Political uncertainty in the Middle East has strengthened, which has provided some support to the market.”
He added, however, that “price cuts by Saudi Arabia and the extension of OPEC+ production cuts last week confirmed weak Chinese demand, indicating that the market could fall by the end of the year.”
He pointed out that investors are closely monitoring the potential impact of US President-elect Donald Trump’s policy in the field of energy and the Middle East.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, has decided RussiaOn Thursday, it postponed the start of the increase in oil production by three months until April, and extended the complete abolition of production cuts by one year until the end of 2026.
Separately, the oil company said Saudi Arabia Giant Aramco Yesterday, Sunday, it cut sales prices to Asian buyers for the month of January 2025 to the lowest levels since early 2021.
