OIL

Oil Advances After China Lays Out Steps to Boost Consumption

Oil rose for a second day after China, the world's biggest importer, said it would take steps to revive consumption by boosting incomes.

Brent crude climbed above $71 a barrel after advancing 1% on Friday, with West Texas Intermediate near $68.

Beijing will also give details on policies to stabilize stock and real estate markets, lift wages and boost the nation's birth rate, state-run news agency Xinhua reported. 

Crude has fallen more than 10% from this year's high in January, as US President Donald Trump's escalating trade war, an OPEC+ decision to increase supply and a possible end to the war in Ukraine all weigh on prices.

Trump may speak to Russian leader Vladimir Putin this week, as the US pushes for a deal to end the fighting in the three-year conflict.

Source: Bloomberg

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