Oil prices fluctuated today, amid expectations that China will reduce lending standards to support the slowing recovery.
Brent crude rose 3 cents to $76.12 a barrel, while West Texas crude settled at $71.29 a barrel.
Economists expect China to cut major lending standards today in its first easing of its kind in 10 months, after economic data showed that the retail and factory sectors are struggling to maintain the momentum achieved earlier in the year.
It is noteworthy that the Chinese government met last week to discuss measures to stimulate economic growth, as many major banks lowered their forecasts for economic growth for the year 2023 amid fears of a faltering recovery after Covid-19.
Source: National Iraqi News Agency