Oil Prices Edge Up Following a 2% fall on Tuesday
Oil prices edged up on Wednesday in Asia on hopes that increased Chinese fiscal stimulus could stem a spreading economic slowdown that has been weighing on energy prices.
International Brent Oil Futures were at $61.70 per barrel at 12:46 AM ET (05:46 GMT), up 0.3%.
U.S. Crude Oil WTI futures were at $53.14 per barrel, also up 0.3%.
The gain in oil prices today followed a 2% fall on Tuesday as oil traders and investors digested news of China’s lowest annual economic growth in nearly 30 years.
On Monday, official data from the National Bureau of Statistics showed China’s economy grew 6.4% in the fourth quarter of 2018 from a year earlier. The growth was slower than the previous quarter’s 6.5% growth.
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