Oil prices climbed more than 3% after China reduced lending rates.
International benchmarks for crude oil went up 3% on Tuesday, 13 June 2023 after China’s central bank lowered its short-term borrowing costs in the hopes of boosting the economic recovery momentum.
International benchmarks for crude oil went up 3% on Tuesday, 13 June 2023 after China’s central bank lowered its short-term borrowing costs in the hopes of boosting the economic recovery momentum. The People’s Bank of China (PBOC) reduced its seven-day reverse repo rate to 1.9% from 2% on Tuesday as it administered RMB2 billion or $279.97 million through the short-term bond instrument.
Brent crude notched up by $2.45 or 3.4% at $74.29/barrel.
US West Texas Intermediate went up by $2.30 or 3.4% to conclude at $69.42/barrel.