Crude oil stronger as China's central bank cut interest rates and the reserve requirement ratio

Latest update on oil prices,  Crude oil futures extended strong gains on Tuesday, after China's central bank cut interest rates, as Beijing steps up efforts to boost economic growth and halt a stock market rout. Beijing still on progress to intervention

China's central bank cut interest rates by 25 basis points to 4.6%. The bank also cut the reserve requirement ratio for large lenders by 0.5% to 18.0%. As reported before, Chinese equities have lost nearly 30% over the past two weeks amid growing fears over China's slowing economy.

Deep down impacts Asian stocks market, The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Global investors Fears over a global economic downturn, led by a slowdown in China's economy have intensified in recent days, accelerating a selloff in equities, commodities and emerging-market assets.

Meanwhile, European and US stock market rebounded on Tuesday, but shares in China and Japan slumped,  according to ICE Futures Exchange in London, Brent oil for October delivery jumped $1.28, or 3%, to trade at $43.97 a barrel during U.S. morning hours. Slowly but surely raising price

According to OPEC, Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.