Oil keeps most of Monday39;s gains amid bullish expectations on China stimulus
Syrian rebels work to set up government, banks and oil sector to reopen on Tuesday
China posts first annual crude oil import growth in seven months
Dec 10 Reuters Oil prices slipped on Tuesday as concerns eased about the fallout from Syrian President Bashar alAssad39;s overthrow, but the market found support in China39;s vow to ramp up policy stimulus, which could boost the top global crude buyer39;s demand.
Brent crude futures fell 26 cents, or about 0.4, to 71.88 per barrel. U.S. West Texas Intermediate crude futures were down 30 cents, also 0.4 lower, at 68.07 at 0707 GMT. Both benchmarks climbed more than 1 on Monday.
The tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption, said IG market strategist Yeap Jun Rong.
Syria39;s rebels were working to form a government, restore order after Assad ouster with the country39;s banks and oil sector set to resume work on Tuesday.
While Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran, and regime change could raise regional instability.
The power transfer followed 13 years of civil war and brought an end to over 50 years of brutal rule by the Assad family.
The market is also focused on the likelihood of a rate cut by the U.S. Federal Reserve next…