Oil Prices Reach 8-Week Highs: U.S. Stockpile Drop and China's Stimulus Fuel Surge Oil prices have reached an eight-week high, driven by a significant drop in U.S. stockpiles and China’s introduction of additional economic stimulus. West Texas Intermediate crude surpassed $76 a barrel, marking the highest level since early December. The U.S. witnessed its largest weekly decline in total oil stockpiles since 2016, with crude inventories dropping by over 9 million barrels. This reduction, coupled with China’s recent decision to cut the reserve-requirement ratio for banks, signals a potential boost in energy consumption from the world’s largest crude importer. Analysts are closely monitoring the situation, noting that geopolitical tensions in the Red Sea and potential further support measures from China could continue to impact oil markets significantly. While Citigroup Inc. cautions that a spike to $90 a barrel is not their main expectation, they acknowledge it as a possibility if current tensions escalate. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold Prices Steady as Investors Await Key U.S. Employment Data READ MORE Fed's Anticipated Rate Cuts Stir Major Buzz at Davos 2024 READ MORE The Dollar's Reign to End Eventually, but Not Anytime Soon, Says Krugman READ MORE Fed's Latest Stress Test Scenarios: Banks Brace for Hypothetical Global Recession READ MORE Dimon Warns: US Economic Outlook Uncertain, Recession Risk Lingers READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment