Oil prices rise as China’s policy easing fuels demand hopes

News Snapshot:

Oil prices climbed 1 per cent on Wednesday as market participants anticipated a rise in demand from top importer China following Beijing’s latest plans to boost economic growth. Brent crude futures gained 75 cents, or 1.04 per cent, to $72.94 a barrel by 1011 GMT, while U.S. West Texas Intermediate crude futures rose 75 cents, or 1.09 per cent, to $69.34. China said on Monday it would adopt an “appropriately loose” monetary policy in 2025 as Beijing tries to spur its economy with the first easing of its stance in 14 years. “While past efforts have focused on sectors like...