Oil prices up nearly as stimulus hopes ease growth concerns
Opec is cutting production to rein in over-supply, but rising US shale oil output undermines its efforts
London — Oil prices rose almost 1% on Wednesday on the hope that Japan and China will take fiscal stimulus measures to stem an economic slowdown that has weighed on financial markets. International Brent crude oil futures were at $62.10 a barrel at 10.40am GMT, up 60c or 0.98%, from their last close. US West Texas Intermediate (WTI) crude futures were at $53.48 a barrel, up 47c, or 0.89%. Oil prices fell by 2% on Tuesday as financial markets reeled on concern about a global economic slowdown, and the heavy losses spooked investors into safe-haven assets, such as government bonds or gold. A litany of poor economic data worldwide — including tumbling US home sales, slumping Canadian factory sales and wholesale trade, along with Japanese import and export data that fell short of expectations — sapped market confidence. A widespread economic slowdown is expected to dent growth in demand for fuel, weighing on energy prices. However, some optimism emerged as China and Japan said they woul...
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