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Oil Picks Up on News From China

© AFP 2023 / DAMIEN MEYERLundin Petroleum
Lundin Petroleum - Sputnik International
Oil prices are going up buoyed by China’s decision to cut the amount of cash banks have to hold as reserves.

Oil Pump Jack - Sputnik International
Oil Slips Again As US Crude Reserves Rebound
MOSCOW, (Sputnik) —  Oil prices are looking up on news from China where the government  has just cut its reserve ratio requirement (RRR) — the amount of cash banks have to hold as reserves — by 0.5% to 19.5%, in the first industry-wide move since 2012.

The People's Bank of China, the central bank, said the measure will "promote the healthy and stable operation of the economy," according to a statement.

Brent North Sea crude for March delivery was up 0.96% to hit $54.68 per barrel.  US benchmark West Texas Intermediate for delivery next month grew by 0.47% to close at $48.68 a barrel.

The rally comes hard on the heels of Wednesday’s drop in crude prices, which tumbled nearly nine percent as US oil supplies rose by 6.3 million barrels to reach 413.1 million.

Earlier estimates pointed to an oil reserve growth of just 3.75 million barrels.

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