Black gold jumped amid a decline in US crude inventories, as oil prices rose on Thursday after data showed a decline in US reserves more than expected, while the Chinese central bank’s announcement to reduce the percentage of reserve requirements strengthened hopes for economic recovery, and Brent crude for March delivery rose 20 cents or 0.3% to $80.24 per barrel.
Sharjah 24 – Reuters:
Oil prices rose on Thursday after data showed that US crude inventories fell more than expected last week, while the Chinese central bank’s announcement to reduce the reserve requirement ratio at banks raised hopes for further stimulus measures and economic recovery.
Brent crude for March delivery rose 20 cents, or 0.3%, to $80.24 a barrel by 0128 GMT, and US West Texas Intermediate crude rose 22 cents, or 0.3%, to $75.31 a barrel.
Yesterday, Wednesday, the Chinese Central Bank announced a significant reduction in banks’ reserve requirements, in a move that would pump about $140 billion in cash into the banking system, and send a strong signal to support the faltering economy and declining stock markets.
2024-01-25 05:54:52
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