Oil prices surged more than 3% on Tuesday after the Chinese central bank cut the short-term lending rate for the first time in 10 months, boosting crude oil prices following significant losses in the previous session. Brent crude futures rose 3.4% to $74.29 per barrel at settlement, while West Texas Intermediate (WTI) crude climbed 3.4% to $69.42 per barrel. Oil prices had declined by about 4% on Monday due to concerns related to the Chinese economy following disappointing economic data released the previous week.
Oil Prices Surge More Than 3%
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