Oil Prices trend higher, China looks to soothe economic woes
After falling for three straight sessions, oil prices rose more than 1% on Thursday as the dollar pulled back from creating higher highs and China's central banks sought to bolster their property market and the broader economy.
Brent Crude Oil prices rose 0.84% to $84.15 per barrel as of Aug 17, 2 PM EST from 83.33 the day prior.
The previous session would see the prices fall more than 1.5% on worries about China's economy and increasing U.S. interest rates.
The turn in market sentiment came after China's central bank announced that it would keep reasonably ample liquidity to support economic recovery even against strong headwinds.
Oil traders appreciate the initiative and proactivity coming from the Chinese government.
That said, U.S. interest rates continue to raise eyebrows. As higher interest rates increase borrowing costs, a slowdown in the economy could stifle oil demand.
Brent Crude Oil prices rose 0.84% to $84.15 per barrel as of Aug 17, 2 PM EST from 83.33 the day prior.
The previous session would see the prices fall more than 1.5% on worries about China's economy and increasing U.S. interest rates.
The turn in market sentiment came after China's central bank announced that it would keep reasonably ample liquidity to support economic recovery even against strong headwinds.
Oil traders appreciate the initiative and proactivity coming from the Chinese government.
That said, U.S. interest rates continue to raise eyebrows. As higher interest rates increase borrowing costs, a slowdown in the economy could stifle oil demand.
Transcript
00:00 Daily Finance News
00:02 News for everyday finance
00:04 Business Breeds
00:06 Welcome to USA Finance Daily
00:08 News for everyday finance
00:10 Quality sites, quality reporting, quality publishing
00:14 Our news network includes the following
00:16 USA Tech News
00:18 USA Health News
00:20 USA Money and Investment News Network
00:22 USA Hispanic News
00:24 and USA Sustainability News
00:26 Welcome to USA Finance Daily
00:31 Oil prices trend higher
00:33 China looks to soothe the economic woes
00:36 After falling for three straight sessions
00:38 oil prices rose more than one on Thursday
00:41 As the dollar pulled back from creating higher highs
00:44 and China's central banks sought to bolster their property market
00:48 and the broader economy
00:49 The day prior, the previous session would see the prices fall more than 1.5
00:55 on worries about China's economy and increasing US interest rates
00:59 The turn in market sentiment came after China's central bank
01:03 announced that it would keep reasonably ample liquidity to support economic recovery
01:08 you