WASHINGTON (dpa-AFX) - Oil prices climbed higher on geopolitical tensions and optimism that the Chinese central bank will loosen its monetary policy to boost economic growth.
West Texas Intermediate Crude oil futures for January closed up $1.17 or about 1.74% at $68.37 a barrel.
Brent crude futures settled at $72.14 a barrel, gaining $1.02 or 1.43%.
The ruling Politburo, comprising the ruling Communist Party's most senior 24 officials and led by President Xi Jinping, has promised to loosen monetary policy for the first time in 14 years. The report from New York Times said that a Politburo statement said the country will adopt a 'moderately loose' policy, a shift from the 'prudent' stance it has maintained since December 2010.
On fiscal policy, the body said it'll be 'more proactive' - a change from 'proactive.'
Meanwhile, the collapse of the Assad regime in Syria has added to concerns about geopolitical risk in the Middle East. The rebels have moved to capture Damascus, just days after taking Aleppo, Syria's largest city.
The flare-up of tensions in the Middle East helped investors shrug off news of Saudi Arabia cutting prices by more than expected for buyers in Asia.
Saudi Aramco cut its oil prices after OPEC+ further delayed a resumption of idled production, underscoring the weak market outlook.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
