Oil edged higher as investors weighed the outlook for demand following some measures by China to support its ailing property market.
West Texas Intermediate traded above $73 a barrel after closing 1.2% lower in the previous session, the most in a week. Authorities stepped up pressure on banks to ease terms for property companies by encouraging negotiations to extend outstanding loans. Top state-run financial newspapers on Tuesday ran reports flagging the likely adoption of further supportive policies.
China’s sluggish economic recovery, along with monetary tightening by central banks and resilient crude flows from producers including Russia and Iran have provided headwinds for oil this year. That’s prompted OPEC+ heavyweights Saudi Arabia and Russia to cut supply to prop up prices.
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