Oil prices fell at the start of the week due to concerns about weak Chinese demand, despite the announcement of stimulus measures and US sanctions on Iran.
Crude oil prices were falling at the start of the week following the latest economic news from China which was interpreted as bearish for oil demand. That latest news was inflation data for September, which showed consumer prices had only gone up modestly, by 0.4%, falling short of economist expectations of 0.6% as shared with Reuters . The September consumer price figure was also the slowest price rise in three months, Reuters noted in its report.
On Saturday, the Chinese government announced it would be injecting further stimulus into the economy, which should have been positive for oil prices. However, Beijing did not elaborate on the size of the stimulus package, which would be in the form of “significantly increased” debt buying from local governments and subsidies to low-income households.
China Inflation Demand Stimulus Iran Sanctions Ghost Fleet Economic News Reuters
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