Oil prices rose on Tuesday as market sentiment was lifted by news that China might roll out further fiscal stimulus measures.
Analysts said oil prices had been weighted down by the expectations of weaker economic growth which would lead to weaker crude oil demand. News about China's stimulus measures might ease some of the concerns.
Meanwhile, oversupply worries have eased as the Organization of the Petroleum Exporting Countries (OPEC) and other major crude exporters including Russia agreed last year to cut supply starting this month to curb a global glut.
The West Texas Intermediate for February delivery rose 1.6 U.S. dollars to settle at 52.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.39 dollars to close at 60.38 dollars a barrel on the London ICE Futures Exchange.
Analysts said oil prices had been weighted down by the expectations of weaker economic growth which would lead to weaker crude oil demand. News about China's stimulus measures might ease some of the concerns.
Meanwhile, oversupply worries have eased as the Organization of the Petroleum Exporting Countries (OPEC) and other major crude exporters including Russia agreed last year to cut supply starting this month to curb a global glut.
The West Texas Intermediate for February delivery rose 1.6 U.S. dollars to settle at 52.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.39 dollars to close at 60.38 dollars a barrel on the London ICE Futures Exchange.
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