(Bloomberg) -- Oil climbed as China’s leaders used their most direct language on stimulus in years, while traders are also keeping an eye on developments in the Middle East.
Brent gained as much as 1.5% — briefly breaching $72 a barrel — and West Texas Intermediate also rose. China’s leaders vowed to embrace a “moderately loose” monetary policy in 2025, signaling more rate cuts ahead and shifting from a “prudent” strategy that’s held for 14 years.
“The easing of the Chinese monetary policy stance is lifting risk sentiment and supports crude oil,” said UBS Group AG analyst Giovanni Staunovo.
Focus was also on the toppling of Syrian President Bashar al-Assad’s regime, something that threatens more upheaval and violence as groups tussle for control, and the fallout of last week’s OPEC+ decision to delay the revival of halted production.
Monday’s gain isn’t enough to take oil out of the roughly $6-a-barrel range it has traded in since mid-October. The market has been buffeted by competing drivers, including Donald Trump’s US election win, geopolitical tensions in the Middle East and lackluster Chinese demand — with a significant global surplus expected next year.
Meanwhile, Brent crude is forecast to average $74 a barrel next year, capped by “soggy fundamentals” and the threat of trade tariffs, BNP Paribas SA commodity strategist Aldo Spanjer said in a note.
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