Oil prices climb as China ramps up spending plans
Oil prices just bounced back a bit, thanks to China announcing bigger government spending for 2026.
Brent crude is now above $61 per barrel, and West Texas Intermediate is close to $57.
Still, the market overall isn't exactly booming.
What's driving this?
China's government wants to boost the economy by investing more in jobs, public services, and targeted projects next year.
This move has helped push oil prices up for now.
Global tensions and future outlook
US-led talks to end the Ukraine war haven't made much progress—President Donald Trump said he made "a lot of progress" in talks, though sticking points remain.
Meanwhile, even with today's price bump, oil is still set for its fifth month of declines because of rising global supply.
China stocking up on oil could soften the blow from this surplus down the line.