FX.co ★ Oil Prices Climb On China Stimulus Optimism

Oil prices rose about 1 percent in European trade amidst fears of lower supplies from Russia and signs of declining inventories.

Investors also assessed chances of further stimulus from China after rating agencies sent stark warnings about Wanda Commercial, China's biggest commercial real estate firm.

Benchmark Brent crude futures were up a little over 1 percent at $80.45 a barrel, while WTI crude futures were up 1.1 percent at $76.50.

Fresh data showing a decline in U.S. crude inventories and signs of declining supplies from Russia helped oil extend its recent rally.

Russia may consider introducing quotas on the export of oil products in a bid to stabilize global gasoline prices, Reuters quoted Russian Deputy Prime Minister Alexander Novak as saying today.

Moscow aims to reduce its third-quarter crude export plans by 2.1 million tons, in line with its previously stated pledge to cut overseas shipments by 500,000 barrels a day.

Meanwhile, amid concerns over rising interest rates and a worsening economic outlook, the Chinese government has pledged to make the private economy "bigger, better and stronger" with a series of policy measures.

China's top economic planner, the National Development and Reform Commission, has unveiled new measures aimed at supporting spending on automobiles and consumer electronics.