Oil Prices Rise After China Vows to Ramp Up Monetary Stimulus

Oil prices climbed by more than 1% on Monday after China unveiled plans to adopt its first loosened monetary policy stance since 2010 as it looks to boost economic growth. Brent crude for February delivery was up 1.52% to trade at $72.21 per barrel at 10.00 am ET while the WTI crude January contract gained 1.80% to $68.41 per barrel. "The easing of monetary policy stance in China is likely the driver of the oil price rebounding, supporting risk sentiment," UBS analyst Giovanni Staunovo said.  According to an official readout from a meeting…