• Oil rises on hopes of China's fiscal stimulus


    SINGAPORE (Reuters)


    Oil prices rose on Wednesday after China said it would increase spending to curb the economic slowdown that is putting pressure on financial markets.

    Brent crude was $ 61.85 a barrel in futures contracts at 0624 GMT, which is up 35 cents, or up 0.6 percent from the previous close.

    US West Texas Intermediate crude futures rose 25 cents, or 0.5 percent, to $ 53.26 a barrel.

    The price rise came after a 2 percent drop in crude futures and a drop in global financial markets on Tuesday, as concerns about global growth prompted investors to turn to safe assets such as government bonds or gold.

    China's Finance Ministry said on Wednesday that the government will boost fiscal spending this year to support the economy, which last year registered the lowest growth rate since 1990.

    The Bank of Japan said it would maintain its tight monetary policy, which has been in place since 2013.​

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