Oil prices gain on Monday

International benchmarks for oil prices advanced on the first trading day of the week after China central bank cut reserve ratio for commercial banks by 0.5% point, effective March 1. Market expected the new Chinese government’s measures would give a boost to the country growth, encouraging a more positive expectation regarding oil demand in the world’s second largest consumer. Besides, Saudi Arabia has also expressed its openness to a coordinated solution to market volatility, according to Channel News Asia.

WTI closed at   $33.75/b (+$0.97)
Brent closed at $35.97/b (+0.87)

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