Oil Rises on China Stimulus Hopes, US Inventory Drop

OIL PRICE - LONDON. Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.