Brent crude futures were up 94 cents to $72.06 a barrel by 0852 GMT, while U.S. West Texas Intermediate crude futures gained $1.00 to $68.20
Oil prices climbed by more than 1 per cent on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth, state media reported citing a Politburo meeting.
“The easing of monetary policy stance in China is likely the driver of the oil price rebounding, supporting risk sentiment,” UBS analyst Giovanni Staunovo said.China’s slowdown was a factor behind oil producers group OPEC+ last week deciding to postpone its plans for higher output until April. “The development in Syria has added a new layer of political uncertainty in the Middle East, providing some support to the market,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.
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