Oil Prices Inch Higher on China Stimulus Hopes

Crude oil prices ticked higher today as traders turned optimistic following the latest news about Chinese government stimulus for consumer spending. Brent crude was trading at $73.80 per barrel at the time of writing, and West Texas Intermediate was changing hands for $70.32 per barrel, both up from opening in Asia, after the Chinese finance ministry announced a new package of funds to go into higher pensions, medical insurance, and consumer goods trade-ins. The stimulus move is the latest in a series aimed at supercharging the Chinese economy…