Oil higher after China delivers interest rate cut

Oil futures moved higher early Tuesday, after China delivered an interest rate cut amid concerns over the demand picture from the world’s second-largest crude importer.

Price actionMarket drivers The People’s Bank... Oil futures moved higher early Tuesday, after China delivered an interest rate cut amid concerns over the demand picture from the world’s second-largest crude importer. Price action Market drivers The People’s Bank of China on Tuesday cut both its short- and long-term benchmark lending rates by 10 basis points Tuesday, in an effort to support the nation’s slowing economic recovery. The move came after the PBOC last week reduced two key policy rates by 10 basis points each.

Disappointment in China’s economic recovery after the lifting of COVID curbs has dogged the oil market in 2023, with WTI and Brent both down more than 20% for the year to date. Skeptics question whether the efforts Tuesday will provide a meaningful lift.

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