Oil prices traded above $80 a barrel today, after China said it would maintain its economic stimulus, renewing hopes for accelerating growth to drain excess oil supplies.
For April delivery, US crude rose 48¢ to $80.69 a barrel by 11:55am EST, while London ICE Brent gained 47¢ to $79.01, reports Reuters.
China’s Premier Wen Jiabao said the world’s second-largest oil consumer will continue an appropriately easy monetary stance and an active fiscal policy, the news agency reports.
The euro dropped against the dollar on Thursday, sending crude prices lower.
New York crude has traded in the $69-$84 range over the past few months amid uncertainty about the speed of the global economic recovery.