WTI Oil Ends Sharply Higher on China, U.S. Inflation

1440 ET – US crude futures rebound strongly after three straight sessions of declines, and finish the day 3.4% higher at $69.42. “Crude prices got a boost after China prepares a broad package of stimulus,” says Edward Moya at Oanda, in a research note. “In addition to China’s stimulus, energy traders are anticipating the impact from the Saudi oil price cuts to tighten the market quickly next month. Oil extended its rally after the latest inflation report sealed the deal for the Fed to skip a rate hike at this week’s meeting.” Investors now turn to weekly US oil reports, first from API at 4:30pm ET, followed by official EIA data tomorrow. Brent crude rises also, ending above $74. (dan.molinski@wsj.com)