OCTOBER 23, 2015
LONDON (Reuters) - Oil prices rose on Friday after China's central bank cut interest rates on lending, which revived hopes of increased demand from the largest consumer of energy in the world power.
Received crude more support from the tip of the European Central Bank President, Mario Draghi, yesterday the possibility of detection of new initiatives for the euro zone in December / December to stimulate the economy.
The increased price of the global Brent crude 47 cents to $ 48.55 a barrel by 1130 GMT, but it's still heading to incur a weekly loss of more than increase of 3.5 percent because of continuing supply concerns.
US crude fell rate in decades Dec. / December 30 cents to $ 45.68 a barrel, heading also to record a weekly decline of three percent.
The reduction of the Chinese People's Bank (the central bank), the basic interest rate on lending for the year, for the sixth time Since November last, by 25 basis points (a quarter of a percentage point) to 4.35 percent, in the latest efforts to strengthen the country's economy, which has slowed its rapid growth.
He said Hans Van Cleef, chief economist with the Bank of energy involved «ABN AMRO »Amsterdam« interest rate cut gives some support to demand forecasts, and then oil rose slightly, a positive thing, a little bit at the moment. »He added that the European Central Bank plans to stimulate gave more support to oil.
and suffered European equity markets, a wave of global stock rally which boosted morale in general.
Moreover the preliminary reading of the index Market / Nikki purchasing managers in the manufacturing sector in Japan showed on Friday growth Activity Japanese manufacturing sector in October / October pace may be the fastest in 19 months.
showed US data yesterday rebound strong existing home sales in September / September, and the approaching new orders for unemployment lows subsidy in 42 years.
deflated positive factors impact the ongoing about oversupply of crude oil and refined products concerns in the global markets, which were damaged because of the energy markets for more than a year.
It jumped oil inventories in the United States more than expected by eight million barrels to 476.6 million barrels last week, which stoked fears of oversupply.
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