LONDON—Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon.
Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude was up 20 cents to $75.95 per barrel.
China’s top economic planner pledged on Tuesday it would roll out policies to “restore and expand” consumption in the world’s second-largest economy, which could boost oil demand.
In the U.S., a report on Tuesday showed retail sales rose by less than expected in June, boosting expectations the Federal Reserve will stop hiking rates after a widely expected 25 basis-point increase at its July 25–26 meeting….