Oil markets have kicked off the new week on a strong footing with oil prices climbing after Chinese banks adopted extra stimulus measures in a bid to spur economic growth. Brent crude for December delivery gained 2.01% to trade at $74.53 per barrel at 13.53 pm ET, while WTI crude for November delivery was up 2.61% to trade at $71.03 per barrel.
The Port of Corpus Christi in Texas moved 33.5 million tons of petroleum in the third quarter, about three percent higher than the same three-month period last year and the prior quarter in 2024.
The increase in crude oil drove an overall two percent growth to 53 million tons, it said in a statement.