Oil climbed higher on China's economic stimulus, Middle East tension
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.
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