RIYADH: Oil prices rose Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer.
Brent crude futures rose 66 cents, or 0.7 percent, to $92.29 a barrel by 0430 GMT, recovering from a 6.4 percent fall last week.
US West Texas Intermediate crude was at $86.17 a barrel, up 56 cents, or 0.6 percent, after a 7.6 percent decline last week.
China’s central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday.
King Salman says Kingdom seeks stability in oil market
Saudi King Salman bin Abdulaziz said on Sunday that the kingdom has been working hard to support stability and balance in oil markets.
“The Kingdom is working hard, within its energy strategy, to support the stability and balance of global oil markets,” said King Salman.
Kuwait welcomes OPEC+’s output cut
Kuwait has welcomed the decision of the Organization of the Petroleum Exporting Countries, and its allies known as OPEC+, to cut oil production by two million barrels per day, state news agency KUNA reported, quoting Kuwait Petroleum Corporation’s CEO.
Sheikh Nawaf al-Sabah also reiterated Kuwait has been keen on maintaining a balance in oil markets for the benefit of both consumers and producers.
He said increasing economic concerns and expected slow global economic growth led to more disturbance of the balance between oil supply and demand.
(With input from Reuters)