World oil prices climbed sharply on Monday, driven by China’s latest economic measures and uncertainty over the political future of Syria and the broader Middle East.
Crude prices rose by approximately 2% following reports that Syrian President Bashar al-Assad had fled the country over the weekend. This development comes as Islamist-led rebel forces gained control of Damascus, heightening concerns over stability in the oil-rich region.
In a separate development, China announced plans to relax monetary policy as part of a broader strategy to bolster its slowing economy. President Xi Jinping and senior officials unveiled the measures during discussions on next year’s economic framework.
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The move comes as the world’s second-largest economy grapples with sluggish domestic demand, a prolonged crisis in the property market, and mounting government debt—all of which threaten Beijing’s ability to meet its growth targets for 2024.
Meanwhile, major global stock markets showed mixed reactions, reflecting ongoing political tensions in South Korea and France, alongside speculation over potential interest rate cuts by central banks.
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