WASHINGTON (dpa-AFX) - Oil prices climbed on Monday after China's top leaders signaled more stimulus for next year with the first shift in their monetary policy stance in some 14 years.
Benchmark Brent crude futures were up 1.1 percent at $71.91 in European trade while WTI crude futures jumped 1.4 percent to $68.11.
In an effort to boost domestic consumption and shore up investor confidence, China's Politburo, comprising the ruling Communist Party's most senior 24 officials and led by President Xi Jinping, said it will embrace a 'moderately loose' strategy for monetary policy in 2025.
On fiscal policy, the body said it'll be 'more proactive' - a change from 'proactive.'
Oil prices were also boosted by rising geopolitical risks amid ongoing tensions between Israel and Lebanon, and the overthrow of Syrian President Bashar al-Assad by rebel forces.
The flare-up of tensions in the Middle East helped investors shrug off news of Saudi Arabia cutting prices by more than expected for buyers in Asia.
Saudi Aramco cut its oil prices after OPEC+ further delayed a resumption of idled production, underscoring the weak market outlook.
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