Oil prices rise to 10 month-high on China reserve ratio cut

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Reuters UK

By Sudarshan Varadhan SINGAPORE (Reuters) – Oil prices rose to their highest level in 10 months on Friday, after China cut banks’ cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5%, to $94.16 as of 0027 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 0.6% at $90.74. Both the benchmarks were trading at their highest levels since November. Analyst Tina Teng at CMC markets said China’s reserve requirement cuts were instrumental in lifting energy and indu…

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