Brent crude futures were up $1.76, or 2.4 percent, at $75.66 a barrel by 1132 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.84, or 2.6 percent, at $72.21 a barrel.
“The market was Oil “We are eager for more easing measures by the Chinese authorities to combat the economic slowdown.”
And announced Central Bank of China Today, the largest stimulus package since the Covid-19 pandemic is set to pull the economy out of recession and back toward the government’s growth target.
In the Middle East, a major oil-producing region, Israel attacked Hezbollah targets in southern Lebanon and the group responded by attacking military installations in northern Israel on Tuesday, stoking fears of a full-scale conflict after Lebanon saw its deadliest single day in decades.
The strikes threaten to push Iran, an OPEC member that supports Hezbollah, into a confrontation with Israel and could ignite a wider war in the region, according to a Reuters report.
Meanwhile, US oil companies rushed to evacuate their employees from oil production platforms in the Gulf of Mexico, amid expectations that the second hurricane in two weeks would hit offshore oil fields. Several oil companies suspended some of their production.
