LONDON, Sept 27: Oil prices recovered on Thursday on talk of fresh Chinese stimulus moves and one day after New York crude had plunged close to a two-month low point on eurozone debt woes, dealers said.

New York’s main contract, light sweet crude for November, raised $1.90 to $91.88 per barrel compared with the close on Wednesday, when it plunged to $88.95 in intraday dealing — the lowest point since August 3. Brent North Sea crude for delivery in November advanced $2.05 to $110.21 a barrel in late afternoon London deals on Thursday.

“The oil market rebounded, posting solid gains following growing discussions of a further stimulus package from China that improved market sentiment and increased risk appetite,” said analyst Myrto Sokou at the Sucden brokerage.

There were rising hopes that Beijing would soon announce fresh easing to boost the Chinese economy — the world’s biggest energy consumer — after a string of recent weak data.

Chinese markets are closed next week for the National Day holiday, which could provide a chance for leaders to introduce measures such as an interest rate cut or a reduction in bank reserve requirements, dealers said.—AFP