Singapore, Aug. 15 (BNA): Oil prices edged higher on Tuesday as China unexpectedly cut key policy rates for the second time in three months to shore up a sputtering economic recovery, although sluggish economic out of Beijing put a lid on gains.
Brent crude futures rose 32 cents, or 0.4%, to trade at $86.53 per barrel by 0644 GMT. U.S. West Texas Intermediate crude was up 26 cents, or 0.3%, to $82.77 a barrel, Reuters reported.
Prices turned higher after the People’s Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%.
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