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International benchmarks for oil prices advanced on the first trading day of the week after China central bank cut reserve ratio for commercial banks by 0.5% point, effective March 1. Market expected the new Chinese government’s measures would give a boost to the country growth, encouraging a more positive expectation regarding oil demand in the world’s second largest consumer. Besides, Saudi Arabia has also expressed its openness to a coordinated solution to market volatility, according to Channel News Asia.

WTI closed at   $33.75/b (+$0.97)
Brent closed at $35.97/b (+0.87)

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