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Oil steadies with China stimulus, U.S. inventories in focus
Oil prices moved little in Asian trade on Wednesday after strong gains in the prior session, as traders awaited more signals on stimulus spending in major importer China, while official data on U.S. inventories was also due later in the day. Crude prices rose sharply on Tuesday after Chinese officials said that the government will shortly roll out more policies to support up local consumption, as data showed this week that the country’s economy barely grew in the second quarter. Local media reports also suggested that the world’s largest oil importer will cut interest rates and reserve requirements further in the ... (full story)