The price of Brent crude rose by six cents to $102.46 a barrel today, after China’s Premier Wen Jiabao announced that the government will increase policy measures to boost the economy.

Prices settled $1.33 higher on Friday but held steady on Monday, as Wen said efforts to stabilise the economy were working and the government would step up efforts in the second half of the year, to increase policy effectiveness and foresight, reports Reuters.

US oil fell by 27 cents to $86.83 a barrel, after ending $1.02 higher. On Friday, the contract also pushed above its 50-moving average of $87.50 for the first time since May.

Prices also received support, after German Chancellor Angela Merkel said she was confident that German lawmakers would back aid for Spain’s ailing banks, in a bid to stabilise Europe’s fiscal crisis.