Traders have been banking on more robust stimulus in China to boost the world's second-largest economy.
The market, meanwhile, continues to monitor the Middle East in anticipation of a retaliatory strike by Israel against Iran.Traders have been banking on more robust stimulus in China to boost the world's second-largest economy. Soft demand in the world's largest crude importer has weighed on the market for months.
"China's monetary stimulus measures failed to stimulate and the weekend's pledge from the finance ministry to borrow more was long on cliches and phrases but short on reassuring and convincing details," Tamas Varga, analyst at oil broker PVM, told clients in a note.The market, meanwhile, continues to monitor the Middle East in anticipation of a retaliatory strike by Israel against Iran. U.S. officials told NBC News that Israel has narrowed down the targets it plans to hit.