Oil steadies near US$80
- 7 Months Ago - 2024-01-25 00:00:00
Oil steadied yesterday, with Brent trading near US$80 a barrel, as a Chinese economic stimulus package and geopolitical tensions were offset by concerns over tepid demand and a stronger US dollar. The front-month March contract for Brent crude fell 4 US cents to US$79.51 a barrel at 1109 GMT. China's central bank will cut the amount of cash that banks must hold as reserves from 5 February, governor Pan Gongsheng said yesterday, the first such cut for the year as policymakers extend efforts to shore up a fragile economic recovery.
