Oil prices edge up on demand hopes from China's 'looser' monetary policy
Oil prices rose slightly early on Wednesday, with market participants expecting to see demand rising in China next year after Beijing announced a looser monetary policy to stimulate economic growth.
Brent crude futures gained 10 cents, or 0.14%, to $72.29 a barrel by 0131 GMT, while U.S. West Texas Intermediate crude futures rose 9 cents, or 0.13%, to $68.68.
China said on Monday it would adopt «appropriately loose» monetary policy in 2025 as Beijing tries to spur its economy with the first easing of its stance in 14 years.
Chinese crude imports also grew annually for the first time in seven months in November, up more than 14% from a year earlier.
China's policy changes, however, «are unlikely to provide much support to prices till the Trump 2.0 policies act, which can counter the bullish bias,» said Mukesh Sahdev, head of oil analysis at Rystad Energy.
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