LONDON: Oil prices crept up on Thursday after China’s central bank sought to stem the rising tide of pessimism over the country’s property market and wider economy.
Prices had fallen for the previous session on simmering worries over the impact on fuel demand from a deepening property crisis that is stifling momentum in China’s economy and the potential for further increases to US interest rates.
Brent crude futures rose 67 cents to $84.12 a barrel by 1058 GMT and US West Texas Intermediate crude (WTI) was up 63 cents at $80.01.
“Oil traders like the fact that China isn’t going to tolerate weakness in economic activity,” said Naeem Aslam at Zaye Capital Markets after China’s central bank said that it will adjust and optimise property policies in a timely manner.
