The benchmark price of oil climbed by almost a dollar when news of the current episode of Israeli bombardment in Lebanon leaked.
At $75.12 a barrel, Brent crude is almost at its highest price since the beginning of the month.
As usual, predictions for economic growth have an effect on prices as well.
Top oil importer China unveiled tonight a fresh stimulus scheme to strengthen its faltering economy.
An earlier this month, worries over the slowdown in the second-largest economy in the world contributed to the near three-year low that Brent crude struck.
However, China used a variety of policies to boost economic expansion. The Chinese central bank lowered interest rates on loans to commercial banks and decreased the amount of money banks must reserve.
It aims to strengthen the weakening consumer demand and alleviate the recession in the real estate industry. Such an intervention hasn’t happened since the pandemic.
The expectation of higher supplies from the major oil-producing countries that make up OPEC+ was another factor in the suppression of prices.
While the price has recovered beyond the $70 low of two weeks ago, it is still comparably low. A barrel has cost more than $80 for the majority of the past year.
