Oil climbs 2% on China stimulus, Mideast conflict

Quick Summary:

Oil prices climbed about 2% to a three-week high on Tuesday on news of monetary stimulus from China, the world's top importer, and concerns that conflict in the Middle East could hit regional supply while another hurricane threatened supply in the US, the world's biggest crude producer.

This has struck new fears of the possibility an all-out war in the Middle East, which could completely destabilize the region," said Alex Hodes, an oil analyst at brokerage StoneX.

EDT (1509 GMT), while US West Texas Intermediate (WTI) crude rose US$1.16, or 1.7%, to US$71.53.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelLebanonMexico

Topics: USCrudeProduction /Business/ BrentCrude WTICrude CrudeSupply Commodities OilPrices MiddleEastConflict HurricaneThreat ChinaStimulus

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-25 @ 06:14:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 566 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22700553

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