08:38 AM EDT, 10/22/2024 (MT Newswires) -- Oil prices rose for a second day on Tuesday, a day after China took further steps to stimulate its flagging economy while the Biden Administration makes another push for a ceasefire in the Middle East.

West Texas Intermediate crude oil for November delivery was last seen up US$0.71 to US$71.27 per barrel, while December Brent crude, the global benchmark, was up US$0.60 to US$74.89.

The rise comes after The People's Bank of China on Monday lowered its benchmark interest rate as the country attempts to reach its 5% target for GDP growth this year after last week reporting 4.6% growth for the third quarter.

"Chinese banks cut benchmark rates as part of a series of measures aiming at reviving economic growth and halting a housing market crash. The one-year loan prime rate was lowered to 3.10% from 3.35%, while the five-year LPR was reduced to 3.60% from 3.85, both by 5 basis points more than what was expected," Saxo Bank noted.

China is the world's largest oil importer but demand from the country is slowing along with its economy. Demand growth there rose by one-million barrels per day in 2023, but is expected to rise by just 0.1-million bpd this year and 0.3-million bpd in 2025, according to the Energy Information Administration.

Slim hopes for a ceasefire deal in the Middle East may be checking prices, as U.S. Secretary of State Antony Blinken is in Israel as that country continues its push against the Hezbollah militant group in Lebanon while continuing attack in Gaza.

"The unabating conflict in the Near East and Israel's relentless military campaign in Gaza and Lebanon, together with the sporadic attacks from the other side on Israel occasionally revives fears of plausible supply disruption. US Secretary of State Antony Blinken once again travels to the region to attempt to broker a ceasefire. Past endeavors, however, suggest that his efforts could prove, alas, a fool's errand once again. It would be premature to rule out further upside potential," PVM Oil Associates noted.