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 Huge debt costs mean climate spending could make emerging nations insolvent READ MORE Credit Markets Show Unwavering Strength Amid Rising US Inflation Concerns READ MORE Opinion: Cutting interest rates is misguided – the easy money would only fuel inflation READ MORE Fed’s Powell Ready to Support Job Market, Even If It Means Lingering Inflation READ MORE Central Banks Kick Off 2024 with Significant Gold Purchases READ MORE Add a Comment Cancel replyYour email address will not be published.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