WASHINGTON (dpa-AFX) - Oil prices traded sharply higher on Wednesday amid optimism around stimulus measures in China, the world's largest crude importer.
Benchmark Brent crude futures jumped 1 percent to $72.95 in European trade while WTI crude futures were up 1.1 percent at $69.36.
Markets expect demand to rise in China after Beijing said it will implement a more proactive fiscal policy and follow a 'moderately loose' monetary policy next year - signaling the first easing of its stance in 14 years.
Also, Chinese President Xi Jinping said on Tuesday that China had full confidence in achieving this year's economic growth target.
Investors also braced for China's two-day Central Economic Work Conference that is expected to map out policies for next year.
On the geopolitical front, the Israeli military announced on Tuesday that it conducted approximately 480 airstrikes over the past 48 hours, targeting key military installations across Syria in the wake of President Bashar al-Assad's government collapse.
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