Oil Prices Gain 2% After China Boosts Stimulus Measures

Barchart · 10/21 14:14
Oil markets have kicked off the new week on a strong footing with oil prices climbing after Chinese banks adopted extra stimulus measures in a bid to spur economic growth. Brent crude for December delivery gained 2.01% to trade at $74.53 per barrel at 13.53 pm ET, while WTI crude for November delivery was up 2.61% to trade at $71.03 per barrel.  Last month, the PBOC cut banks' reserve requirement ratio by 50 basis points and the benchmark seven-day reverse repo rate by 20 basis points, the most aggressive stimulus since the pandemic. …