Global oil prices rose by over 3% Tuesday as China's central bank lowered a short-term lending rate for the first time in nearly a year.
Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand afterlowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session.
Brent crude futures settled up $2.45, or 3.4%, to $74.29 a barrel. U.S. West Texas Intermediate crude gained $2.30, or 3.4%, at $69.42 a barrel.On Monday, crude prices fell by about 4%, in part because of concerns about the Chinese economy after disappointing economic data last week. "For market participants to start building up long positions again, they likely need to see larger inventory declines," said UBS strategist Giovanni Staunovo, adding he expected this to happen within weeks.A rise in global supplies is weighing on the market, along with concerns about demand growth, ahead of a U.S. Federal Reserve policy meeting concluding on Wednesday.
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