Oil continues to expand its profits and rises to its highest levels in a week.

Oil futures prices have widened their gains during trading on Tuesday, marking the second consecutive session of increase, following the decision of the People's Bank of China yesterday, which came as the latest stimulus measures introduced by the Chinese government, providing significant support to prices amid ongoing escalations in the Middle East.

The People's Bank of China announced yesterday morning a reduction in the benchmark interest rate on one-year and five-year loans by 25 basis points, to provide more support for the struggling economic activity and stimulate domestic demand, after announcing last week a large package of measures to support mortgages and boost demand in the real estate market, which continues to face strong pressures.

This move comes as China - the world's largest crude oil importer - is attempting to reach its goal of 5% GDP growth this year, after announcing last week that the economy grew by 4.6% during the third quarter of the year.

As China is the largest oil importer in the world, import demand from the country is slowing alongside its economy. The growth of demand in China increased by one million barrels per day in 2023, but it is now expected to rise by only 0.1 million barrels per day this year, and by 0.3 million barrels per day in 2025, according to the latest estimates from the U.S. Energy Information Administration.

In trading terms, Brent crude futures for December delivery rose by 1.85% to $75.84 per barrel, the highest level since October 14, while West Texas Intermediate crude futures increased by approximately 2.42% to $71.43 per barrel.