LONDON (Reuters) As China’s central bank worked to dispel the growing specter of pessimism casting shadows over the country’s real estate market and broader economic landscape, the pendulum of oil prices swung upward by over 1% on Thursday.

In the preceding session, prices had descended due to simmering concerns related to the repercussions on fuel demand stemming from an intensifying property quandary that’s sapping the vigor of China’s economic locomotion. Concurrently, apprehensions loomed regarding the potential amplification of U.S. interest rates.

Within this symphony of market movements, the crescendo of Brent crude futures rose a robust $1.08, embracing $84.53 a barrel, as the clock struck 1313 GMT. Echoing this resonance, U.S. West Texas Intermediate crude (WTI) harmonized with a climb of $1.18, dancing to $80.56 a barrel.

As if a narrative penned by fate itself, OANDA analyst Edward Moya remarked that after a plunge of nearly six dollars, the tides of crude prices were destined to encounter a shore of support.

This melodic ascent is orchestrated by the anticipation that the Chinese authorities, with their baton of policy, shall deliver a meaningful concerto of stimulus, ensuring that the oil market remains taut, resonating with the echoes of analysts’ musings.

Naeem Aslam at Zaye Capital Markets articulated this tune of market sentiment, saying, “Oil traders appreciate China’s resolve to not permit frailty in economic dynamics.” This area follows China’s central bank’s affirmations of its commitment to maintaining a “precise and forceful” policy, firmly bolstering the nation’s economic recovery.

Amidst this symphony, the refrain of U.S. interest rates takes the stage, with the notes of the Federal Reserve’s July meeting minutes disclosing that officials refrained from striking a robust note on pausing rate hikes in their orchestration to prioritize the struggle against inflation.

A more harmonious undertone arrives from China. July saw an extraordinary draw on crude oil inventories—a phenomenon that had not graced the stage for 33 months, marking a composition with a unique cadence.

Data, unveiled on a Wednesday interlude, painted a picture of U.S. crude oil inventories diminishing by almost 6 million barrels during the past week, a performance bolstered by vigorous exports and refining processes.

According to John Evans, a conductor of insight at oil broker PVM, the narrative of a tightening market would take center stage against a different backdrop, perhaps painted with a friendlier brush of macroeconomic circumstances.

Yet, as the current tempo of the oil market reverberates, the notes seem to be finding a home near the $80 threshold. The macroeconomic score bears the weight of numerous unresolved uncertainties, notes OANDA’s Moya, ensuring that the harmonious journey of oil prices is far from a predictable cadenza.