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NY Oil Futures Last Rise 1% after PBOC Unrolls Multiple Econ Stimuli
International oil prices headed north. New York oil futures for November last rose 1.05% to US$71.11 per barrel during the Asian electronic trading session, and Brent oil futures f...
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NY Oil Futures Last Rise 1% after PBOC Unrolls Multiple Econ Stimuli
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International oil prices headed north. New York oil futures for November last rose 1.05% to US$71.11 per barrel during the Asian electronic trading session, and Brent oil futures for November last grew 0.87% to US$74.54 per barrel, as the People's Bank of China (PBOC) announced monetary easing this morning (24th), and the market worried that escalating tensions in the Middle East may affect the supply of major oil-producing countries.

IG market analyst Tony Sycamore said that New York oil futures improved after China announced rate cuts, as the oil market has been long awaiting that China will take further relaxation to counter the economic slowdown, and the measures announced today will to some extent eliminate the risk of crude oil prices falling.
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