Oil futures gain on China central bank’s move

Crude-oil futures rose in Asian trade Monday after China announced a surprise cut in banks’ reserve requirements over the weekend.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK5, +1.27%  traded at $56.45 a barrel at 0433 GMT, up $0.71 in the Globex electronic session. June Brent crude LCOM5, +1.06%  on London’s ICE Futures exchange rose $0.65 to $64.10 a barrel.

Over the weekend, China’s central bank announced a surprise one-percentage-point cut in banks’ reserve requirement. The move came a few days after data showed China’s economic growth decelerated to 7% year-over-year in the first quarter, the slowest pace in six years.

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