Oil prices jumped more than 3 percent on Tuesday on hopes of boosting demand for fuel after China’s central bank cut its short-term lending rate for the first time in 10 months, lifting crude prices after heavy losses in the previous session.
The rate cut was aimed at supporting a stalled recovery from the pandemic in the world’s second largest economy and largest crude importer.
Brent crude futures rose $2.45, or 3.4 percent, to $74.29 a barrel at settlement, while US West Texas Intermediate crude rose $2.30, or 3.4 percent, to $69.42 a barrel.
On Monday, crude oil prices fell about 4 percent, partly due to concerns about the Chinese economy, after disappointing economic data last week.
2023-06-13 19:36:58
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