China stimulus optimism propels oil prices to weekly gains

Oil prices were little changed on Friday but were set for a weekly gain amid optimism that economic stimulus efforts will lead to a recovery in China, the world’s largest oil importer.

Brent crude futures were down 1 cent at $73.25 a barrel by 0145 GMT. U.S. West Texas Intermediate crude was down 2 cents from Thursday’s close at $69.60.

Brent crude rose 0.4% on the week, while WTI rose 0.2%, Reuters reported.

The World Bank on Thursday raised its forecast for Chinese economic growth in 2024 and 2025, but warned that weak household and business confidence, along with headwinds in the property sector, would continue to weigh on the outlook through next year.