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1st LD Writethru: oil prices rise after PBOC's decision

Xinhua, March 1, 2016 Adjust font size:

Oil prices rise Monday as the People's Bank of China (PBOC) announced to lower its reserve requirement ratio (RRR) to support the economy.

The PBOC's move, the first of its kind this year, aims to "ensure reasonably ample liquidity in the financial system; guide a stable and appropriate growth in credit; and create a favorable financial environment for supply-side structural reform," the central bank said in a statement.

Saudi Arabia's pledge to work with other crude producers also fed hopes that the oil selloff would end.

The Saudi cabinet said in a statement Monday that it "will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action".

Saudi Arabia and Russia announced on Feb. 16 in Doha, Qatar that they would halt production increases as long as other major producers followed suit. Under the deal, major producers would restrict output at January levels.

The West Texas Intermediate for April delivery moved up 97 cents to settle at 33.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 87 cents to close at 35.97 dollars a barrel on the London ICE Futures Exchange. Endit