Oil prices rise but China, Fed fears spur first weekly loss in 8
rose 0.4% to $80.69 a barrel by 21:42 ET . Both contracts were set to lose between 3.5% and 4% this week.
Oil prices had rallied for the past seven weeks after extended supply cuts by major producers Saudi Arabia and Russia pointed to tighter supplies in the remainder of the year.Markets are now awaiting more stimulus measures from China, as the country grapples with a slowing post-COVID economic recovery.
The People’s Bank of China had unexpectedly cut short and medium-term lending rates earlier this week, and is now likely to cut its benchmarkInvestors are calling on more targeted, fiscal measures to support the economy, particularly China’s beleaguered property sector. The sector accounts for a fourth of the Chinese economy, and is facing a default risk from one of its biggest players- Country Garden Holdings .
But analysts questioned whether the government will increase fiscal spending to support the economy, with Fitch Ratings saying that such a scenario appeared unlikely.fell slightly on Friday, it was still sitting on strong gains for the week. Strength in the greenback also weighed on oil prices, given that it makes crude more expensive for international buyers.
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