REUTERS, Singapore

Oil prices rose on Wednesday, with market participants expecting demand to rise in China, the world’s largest crude importer, after Beijing announced it would relax monetary policy to try to stimulate economic growth.

Brent crude futures gained 24 cents, or 0.3 percent, to $72.43 a barrel by 0730 GMT, while US West Texas Intermediate crude futures rose 24 cents, or 0.4 percent, to $68.83.

China said on Monday it would adopt an “appropriately loose” monetary policy in 2025 as Beijing tries to spur its economy with the first easing of its stance in 14 years.

“Oil prices managed to find a footing lately, as stronger policy signals from Chinese authorities have once again rekindled hopes for stronger stimulus measures to come in 2025,” said Yeap Jun Rong, market strategist at IG.

“But price gains are still somewhat constrained, given that market participants still want to see more concrete details beyond the typical positive messaging,” Yeap said.

Chinese crude imports grew annually for the first time in seven months in November, up more than 14 percent from a year earlier.