Oil prices rose on Tuesday on concerns that rising tensions in the Middle East could hit supplies from the major producing region, while a major hurricane loomed over the world’s biggest crude producer, the United States.
Brent crude futures for November delivery were up 69 cents, or 0.93%, at $74.59 a barrel. US WTI crude futures for November delivery were up 74 cents, or 1.05%, at $71.11.
China’s central bank announced broad monetary stimulus and asset market support measures to revive an economy struggling with strong deflationary pressures.
The central bank will cut banks’ reserve requirement ratio by 50 basis points and cut key interest rates further.
