Oil Prices trend higher, China looks to soothe economic woes

After falling for three straight sessions, oil prices rose more than 1% on Thursday as the dollar pulled back from creating higher highs and China's central banks sought to bolster their property market and the broader economy.

Brent Crude Oil prices rose 0.84% to $84.15 per barrel as of Aug 17, 2 PM EST from 83.33 the day prior.

The previous session would see the prices fall more than 1.5% on worries about China's economy and increasing U.S. interest rates.

The turn in market sentiment came after China's central bank announced that it would keep reasonably ample liquidity to support economic recovery even against strong headwinds.

Oil traders appreciate the initiative and proactivity coming from the Chinese government.

That said, U.S. interest rates continue to raise eyebrows. As higher interest rates increase borrowing costs, a slowdown in the economy could stifle oil demand.