KONTAN.CO.ID - LONDON. Oil rose on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude rose 65 cents, or 0.8%, to $85.13 a barrel by 1350 GMT, breaking above the $85 mark after failing to do so earlier in the session. U.S. West Texas Intermediate crude gained 45 cents, or 0.6%, to $80.28.
Oil Rises as China Moves to Support Economy, Tropical Storm in Focus
KONTAN.CO.ID - LONDON. Oil rose on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude rose 65 cents, or 0.8%, to $85.13 a barrel by 1350 GMT, breaking above the $85 mark after failing to do so earlier in the session. U.S. West Texas Intermediate crude gained 45 cents, or 0.6%, to $80.28.