Oil Rises Amid China Monetary Policy Move, Assad's Fall
Oil prices climbed by more than 1% 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.
Brent crude futures were up 94 cents, or 1.32%, to $72.06 per barrel by 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1, or 1.49%, to $68.20.
"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 growth has stalled as a collapse in the property market has hit confidence and consumption.
China's slowdown was a factor behind oil producers group OPEC+ last week deciding to postpone its plans for higher output until April.
China will adopt a "moderately loose" monetary policy, according to an official readout from a meeting of top Communist Party officials, a term it last used in 2010 when it looked to support a recovery from the global financial crisis.
Also supporting crude prices was uncertainty after the fall of Syrian President Bashar al-Assad.
Syrian rebels announced on state television on Sunday they had ousted Assad, ending a 50-year family dynasty in a lightning offensive that raised fears of a new wave of instability in a region already gripped by war.
Source : Reuters
