China's Central Bank Takes Action: Oil Prices Climb Amid Property Market and Economy Concerns

Oil prices inched higher on Thursday as China's central bank announced measures to address concerns about the country's property market and overall economy. This news comes after prices fell in the previous session due to worries over fuel demand and possible US interest rate hikes.

Brent crude futures rose by 67 cents to $84.12 a barrel, while US West Texas Intermediate crude (WTI) increased by 63 cents to $80.01. Experts believe that China's commitment to economic activity is encouraging for oil traders. However, concerns over interest rates remain, as higher rates could lead to increased borrowing costs and a slowdown in economic growth.

Despite some positive factors such as China drawing on crude oil inventories for the first time in 33 months and a decrease in US crude oil inventories, bearish sentiment in the world's largest economies continues to impact crude prices. Experts suggest that oil prices are likely to remain around the $80 level due to ongoing macroeconomic risks.