Oil prices have risen against the backdrop of expectations that stimulus in China will contribute to improving demand, in addition to an US report indicating that another decline is in rough stocks. Brent Mix rose at $ 74 a barrel after it rose by 1.3% on Tuesday, and the Western Texas -Tussentage crude rough oil exceeded $ 70. In a step to support growth, China gave local officials more flexibility in the returns of the government bonds, while the interest rate maintained unchanged at the moment. Policymakers also promised the largest importer of crude oil earlier this month with a ‘moderate facilitating’ cash position. In the United States, the US Petroleum Institute reported that they reduced the commercial crude oil shares by 3.2 million barrels last week, representing the fifth decline in a row if government data confirmed that Thursday. Stock usually decreases in the country in December before they start to rise during the first months of the new year. “Despite the clear reservations of the interpretation of price movement at this time of year, traders who still make orders in the market are pure buyers, with the support of signs of US equities more than expected,” says Chris Weston, head of the Pepperstone Group Research Department. He pointed out that traders should consider the possibility of China to offer additional motivational policies at the beginning of next year. Oil prices turn to a modest annual decline, although it has been limited to a narrow series since mid -October, with the gap between the two price of supply and demand. With the approach of 2025, traders focus on the upcoming effects of Donald Trump, Beijing’s efforts to support his economy, and worldwide supplies of crude oil, where the OPEC+Alliance plans to gradually alleviate production restrictions after a series of postponement.
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