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Oil prices climbed on Wednesday.
The West Texas Intermediate for February delivery gained 26 cents, or 0.43 percent, to settle at 60.62 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 32 cents, or 0.49 percent, to settle at 65.24 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher
Chinese authorities are set to open duty-free shops each at 41 listed ports of entry to the country, including airports, sea ports and land border crossings, aiming to facilitate tax-free shopping for inbound travelers.
Five government departments, including the Ministry of Finance, made the announcement on Wednesday. They defined port-of-entry duty-free shops as stores located within the restricted zones of airports, sea ports or land border crossings. Spread across the country, these stores will only offer duty-free goods to inbound international passengers.
Analysts say the move will boost consumption and promote the sustained growth of the duty-free retail sector.
Beyond China's natural scenery and cultural appeal, shopping in the country is becoming an increasingly integral part of international tourists' travel itineraries. China has also been expanding its visa-free entry policies and refining tax-refund-upon-departure services for international tourists in recent years.
China to opens 41 new entry-port duty-free shops
