05:20 AM EST, 12/11/2024 (MT Newswires) -- Crude oil prices advanced early on Wednesday with the market expecting demand to rise in China after the government announced plans to adopt a looser monetary policy next year to spur economic growth.

Brent crude rose 0.5% to US$72.58 per barrel and West Texas Intermediate crude gained 0.6% to US$68.99/b at last look. This came following stronger signals that Beijing is ready for the first time in 14 years to ease monetary policy, Reuters said in a Wednesday report, citing analysts.

"But price gains are still somewhat constrained, given that market participants still want to see more concrete details beyond the typical positive messaging," Reuters quoted IG market strategist Yeap Jun Rong as saying.

Policy changes may nevertheless be unable to counter impacts from possible trade measures by President-elect Donald Trump, the report said.

China's policy changes "can only help prevent further downsides at best," Mukesh Sahdev, head of oil analysis at Rystad Energy, said in the report.