WASHINGTON (dpa-AFX) - Oil futures closed moderately higher on Friday as additional stimulus measures announced by the Chinese government helped ease concerns about the outlook for demand, and offset worries about prospects of excess supply in the market from December.
West Texas Intermediate Crude oil futures for November ended up by $0.51 or about at $68.18 a barrel.
Brent crude futures for December were up $0.47 or 0.66% at $71.56 a barrel a little while ago.
The Chinese government today announced further steps to revive the nation's economy, with the central bank cutting interest rates and adding to stimulus measures already announced this week.
Oil prices moved higher, recovering some of the previous session's losses, as several producers in Gulf of Mexico had to cut output due to Hurricane Helene. According to the Bureau of Safety and Environmental Enforcement, about 25% of oil production in the US Gulf of Mexico was shut in as a result of the storm.
Oil prices dropped in the previous session as Saudi Arabia is set to abandon its price target and is prepared for a period of lower oil prices as OPEC+ closes in on returning voluntary cuts to market beginning in December.
Possibility of increased exports from Libya also hurt oil prices. Factions in Libya have reportedly reached a deal that could open the way to the return of some crude production.
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