(Bloomberg) — Oil was steady as investors weighed the prospect for bolder Chinese stimulus next year, while the market monitored the fallout from the collapse of the Syrian regime.
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West Texas Intermediate traded above $68 a barrel after rising 1.7% on Monday as Beijing vowed to embrace a “moderately loose” monetary policy, the most direct language on stimulus in years from the world’s biggest crude importer. Brent futures closed near $72.
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Oil has been trading in a tight range since mid-October, buffeted by concerns over Chinese demand, ample global supply and developments in Ukraine and the Middle East. The fall of Bashar al-Assad’s Syrian regime has left a power vacuum that could lead to more turmoil as factions fight for control.
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