Oil Prices Inch Up on Hopes of a U.S. Rate Cut and China Stimulus Measures

Crude oil prices began trade with a gain today as traders turned their attention to U.S. monetary policy and China’s latest move to accelerate growth through stimulus measures. At the time of writing Brent crude was trading at $72.57 per barrel, with West Texas Intermediate changing hands for $68.98 per barrel. The climb followed an announcement from Beijing that it would loosen its monetary policy to fuel economic growth although the lack of details on what this loosening would entail exactly limited oil’s gains. Additional support…