Oil prices rose towards $66 on the backdrop of Chinese rate cuts

Oil rose towards $66 a barrel on Monday after China moved to bolster its flagging economy, raising hopes that the world’s top energy consumer would help absorb a global supply glut.

China cut interest rates for the third time in six months on Sunday to stoke its sputtering economy, which is headed for its worst year in a quarter of century.

Brent crude for June was up 20 cents at $65.59 a barrel by 0800 GMT after dropping 1.6 percent last week. June U.S. light crude was up 20 cents to $59.59 a barrel after rising for eight straight weeks, the longest winning stretch since late 2012 to early 2013.

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Posted in: Indian Market Tips