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Oil climbed higher on China's economic stimulus, Middle East tensionChina’s top leadership, during a recent Politburo meeting, unveiled plans to adopt a "moderately loose policy" alongside additional fiscal measures designed to bolster consumption and rejuvenate economic growth. |
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Global oil prices ticked upward on Tuesday, December 10, 2024, buoyed by China's recent economic stimulus measures and escalating geopolitical tensions in the Middle East.
Brent crude gained 5 cents to settle at $72.19/barrel.
WTI increased 22 cents to close at $68.59/barrel.
China’s top leadership, during a recent Politburo meeting, unveiled plans to adopt a "moderately loose policy" alongside additional fiscal measures designed to bolster consumption and rejuvenate economic growth. These announcements have heightened expectations of a resurgence in China's oil demand in 2025, lending upward support to global oil markets.
Meanwhile, rising concerns over a potential escalation of conflict in the Middle East have added to bullish market sentiment, fueling fears of possible supply disruptions from one of the world's most critical oil-producing regions.
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Written by: Muhammad Hafiz
