Oil rises $1 a barrel on U.S. crude stock draw, Chinese stimulus hopes

News Snapshot:

Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank’s cut in banks’ reserve ratio reinforced hopes of more stimulus measures and economic recovery. Brent crude futures were up 97 cents, or 1.2 per cent, to $81.01 a barrel at 0955 GMT, while U.S. West Texas Intermediate crude was up $1.03, or 1.4 per cent, to $76.12 a barrel. “A significant drop in the U.S. oil inventories and expectations of China’s economic recovery and more stimulus measures supported oil prices,” said Toshitaka Tazawa, an analyst at Fujitomi Securities....