Oil prices closed higher today, but posted a weekly loss as investors assess the impact of expectations of a global supply increase against economic stimulus plans implemented by China, the largest importer of crude.
Brent crude futures rose 38 cents, or 0.53 percent, to $71.89 a barrel on settlement.
West Texas crude futures, the U.S. broker, also rose 51 cents, 0.75 percent, to $68.18 a barrel.
On a weekly basis, Brent crude fell about three percent at settlement and U.S. crude fell almost five percent.
China’s central bank today cut interest rates and injected liquidity into the banking system with the aim of restoring economic growth towards this year’s target of around five percent.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to move forward with an increase in production by 180,000 barrels per day (bpd) starting next December.
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