Oil prices rose today, Thursday, after data showed a decline in US crude inventories more than expected last week, while the Chinese Central Bank’s announcement to reduce the reserve requirements ratio with banks reinforced hopes for further stimulus measures and economic recovery.
Brent crude for March delivery rose 20 cents, or 0.3%, to $80.24 a barrel by 0128 GMT. US West Texas Intermediate crude also increased 22 cents, or 0.3%, to $75.31 per barrel.
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