Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China, the world's biggest crude...
- Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China , the world's biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market.
Analysts, however, warned that more fiscal help was needed to boost confidence in the world's second-largest economy, which reduced the initial impact on oil prices from the announcement. An intensifying conflict in the Middle East between Iran-backed Hezbollah in Lebanon and Israel also supported crude prices, with cross-border rockets launched by both sides increasing fears of a broadening war in the key producing region.
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