Oil Rises Over 1% on Hopes of Increased Chinese Demand
Oil prices rose by 1% on Wednesday as market players anticipated an increase in demand from China, the world’s largest importer, following Beijing’s latest plans to stimulate economic growth.
Brent crude futures gained $0.75, or 1.04%, to reach $72.94 per barrel, while U.S. West Texas Intermediate USOIL crude futures advanced by $0.75, or 1.09%, to $69.34 per barrel.
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On Monday, China announced its intention to adopt a “moderately flexible” monetary policy in 2025, signaling the first relaxation in its stance in 14 years as part of efforts to bolster its economy. While previous initiatives focused on sectors like electric vehicles and infrastructure, there is growing anticipation that new measures may aim to boost consumer spending.
These developments sparked optimism in the oil market, with traders hopeful that the initiatives could drive higher crude consumption.
Geopolitical Outlook
In November, Chinese crude oil imports rose annually for the first time in seven months, increasing by over 14% compared to the previous year.
Meanwhile, the Kremlin responded to reports of potential tighter U.S. sanctions on Russian oil, suggesting that the Biden administration aims to create a challenging legacy for U.S.-Russia relations.
In the United States, crude and fuel inventories grew last week, according to market sources citing data from the American Petroleum Institute released on Tuesday.
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