China stimulus pushes oil up above new 'floor' of $73 per barrel

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Asia Pacific

China stimulus pushes oil up above new 'floor' of $73 per barrel

Traders holding oil futures are watching China's latest economic policy moves closely, and the commodity's price has risen as a result of new measures Bejing hopes will jumpstart growth. West Texas Intermediate broke above $73 a barrel Tuesday as Chinese officials increased efforts to keep money flowing into the country's troubled real estate sector. It's saddled by high levels of debt and property prices that aren't rising as fast as they used to before the pandemic. That means construction companies and regional governments that invested money in housing aren't making their money back as fast as they'd planned. That's scared other investors off from big bets on new buildings. Beijing is hoping to break that cycle with more forgiving loan repayment plans.