Oil Rises as Risk-On Mood Outweighs Increased Russian Flows
- China’s banks weigh further deposit rate cuts to boost growth
- Russian seaborne crude flow rose 880,000 barrels a day
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Oil rose, bolstered by equities in a choppy session, as traders weighed additional Russian supplies against further Chinese economic stimulus.
West Texas Intermediate edged above $81 a barrel, swinging in a more than 2% range amid thin summer trading volumes. Russia’s seaborne crude flows soared to an eight-week high, restraining gains driven by rising equities and a move by China’s largest banks to cut interest rates.