Oil prices rose to a fresh 10-month high in trade today after China said it was cutting bank reserve requirements to spur economic recovery, Reuters reported.
Markets are also betting on expectations that central bank interest rates are close to their maximums and their increases are about to stop.
Brent futures from the North Sea, a benchmark for the European market, added 46 cents, or 0.5 percent, to $94.16 a barrel, BTA added.
U.S. light crude was up 49 cents, or 0.6 percent, at $90.74 a barrel. Both varieties are at their highest levels since November 2022.
According to CMC Markets analyst Tina Tun, shrinking bank reserves in China will boost energy and metals prices, and the market will also be influenced by data on industrial production and retail trade in the Asian country.
Oil markets will remain tight until the end of the year after Russia and Saudi Arabia decided to extend production and export curbs until the end of the year.
According to the International Energy Agency, this could even cause a deficit in the last quarter of the year.
2023-09-15 06:24:58
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