“Oil prices fell after China’s inflation eased and a lack of clarity over the country’s economic stimulus plans fueled concerns about demand for the fuel in the world’s biggest oil importer.”, — write: www.epravda.com.ua
Oil prices fell after China’s inflation eased and a lack of clarity over the country’s economic stimulus plans fueled concerns about demand for the fuel in the world’s biggest oil importer.
About this informs Reuters.
Brent crude futures were down 86 cents, or 1.1%, at $78.18 a barrel, while U.S. West Texas Intermediate crude futures were down 83 cents, or 1.2%. , up to $74.73 per barrel.
Both benchmarks gave up last week’s gains, falling more than $1 a barrel on Monday before recovering slightly. Brent rose 99 cents last week, while WTI rose $1.18.
Negative news from China outweighed market concerns about the lingering possibility that Israel’s response to Iran’s October 1 missile attack could disrupt oil production, even as the U.S. warned Israel against attacking Iran’s energy infrastructure.
Deflationary pressures in China intensified in September, and a press conference the same day left investors guessing about the overall size of the stimulus package to revive capital in the world’s second-largest economy.
The consumer price index missed expectations and the producer price index fell at its fastest pace in six months, down 2.8% year-on-year.
We will remind:
Oil became cheaper after rising the day before, but prices remained set for a second straight weekly gain.