In Asian trade on Tuesday, oil prices rose little, maintaining three-month highs as suggestions of tighter supply and anticipation of additional Chinese stimulus helped offset concerns over an approaching Federal Reserve meeting.
Brent oil futures rose 0.13% to $82.85 a barrel, while West Texas Intermediate crude futures rose 0.18% to $78.88 a barrel by 10.42 A.M. Bangkok time.
After top authorities promised to promote economic growth in China on Monday, crude prices saw a solid start to the week, surging by more than 2%.
This came as global crude supplies were tightening due to the consequences of recent production curbs by the Organization of the Petroleum Exporting Countries and its ally Russia.
On Monday, the Politburo of China vowed to “adjust and optimize policies in a timely manner” to help the country’s faltering real estate market.
The top decision-making body also promised to increase consumption and reduce debt risk, as well as “elevate stable employment to a strategic goal.”
This follows a week of dismal economic data that sparked fresh requests for governmental intervention to bring back growth.
However, oil market gains were limited on Tuesday as investors awaited the Fed’s interest rate decision. The central bank is anticipated to raise rates by 25 basis points on Wednesday after a two-day meeting.
