US jobs data and China rate cut support Asian oil prices

Oil prices held steady in Asia Monday after an interest rate cut by China boosted demand hopes in the world’s top energy consumer, while a healthy US jobs report also provided support, analysts said.

US benchmark West Texas Intermediate for June delivery eased ten cents to $59.29 while Brent crude for June rose six cents to $65.45 in afternoon trade.

China’s central bank on Sunday cut its key rates by 25 basis points — after two similar moves since November — as it looks to support the world’s number two economy, which grew last year at its slowest pace since 1990.

The move is the latest stimulus by the People’s Bank of China, which has also twice this year reduced the amount of cash lenders must keep in reserve.

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Posted in: Indian Market Tips