Oil21 Oct 2024 15:42
By Myra P. Saefong and Isabel Wang
Saudi Aramco CEO says he is 'fairly bullish' on China's oil consumption
Oil prices climbed on Monday, regaining some of last week's 8% decline after China lowered its benchmark lending rates, part of a series of stimulus measures to revive the flagging economy for the world's top oil importer.
Market drivers
Oil's gains Monday came after the People's Bank of China cut interest rates "more than expected as part of a series of economic stimulus measures that should support demand prospects for crude," Samer Hasn, senior market analyst at XS.com, said in market commentary Monday.
On Monday, China lowered its benchmark lending rates, following reductions to other policy rates in late September as part of Beijing's stimulus package to arrest the economic slowdown.