Trading data indicate a slight decline in world oil prices on Tuesday morning, as markets assess the prospects for growth in demand for this type of raw material in China, AzVision.az reports.
The price of August futures for Brent Crude Oil fell by 0.2 percent to $75.94 per barrel, while August futures for WTI fell by 0.49 percent to $71.16.
Investors are closely watching the prospects for economic recovery in China, one of the largest consumers and importers of oil. Recently, the media reported on the plans of the Chinese authorities to support the country's economy. The monetary policy of global regulators also has an impact on all financial markets, including futures.
The People's Bank of China (Central Bank) has lowered the main rate on loans for loan prime rate (LPR) to 3.55 percent for the first time since August 2022, according to data on the bank's website.
The annual LPR, which became the new lending benchmark in August 2019, did not change from April 2020 through December 2021, remaining at 3.85 percent. However, in December 2021, it was reduced to 3.8 percent, in January 2022 – to 3.7 percent, in August – to 3.65 percent and has not changed since then.
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