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ANKARA Oil prices rallied on Monday as the economy of the world’s largest oil importer, China, showed signs of recovery, while the US stimulus deal also supported prices by boosting the country’s oil demand and economy. International benchmark Brent crude was trading at $69.72 per barrel at 0658 GMT for a 0.72% increase after closing Friday at $69.22 a barrel. American benchmark West Texas Intermediate (WTI) was at $66.09 per barrel at the same time for a 0.73% rise after it ended the previous session at $65.61 a barrel. Oil markets started the week on an upward trend after last week’s euphoria over US President Joe Biden’s $1.9 trillion coronavirus relief bill that was signed into law. The bill is expected to heal the economy of the world’s largest oil-consuming country by providing $1,400 in direct payments to most Americans, expanding the child tax credit rate up to $3,600, and boosting funds for state and local governments reeling from the coronavirus pandemic. Crude oil prices were also helped by China’s daily refinery throughput, which increased 15% in the first two months of this year compared to last year. According to data from the National Bureau of Statistics, refinery processing […]
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