Oil prices drop on concerns China's flagging economy to limit demand

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Home Business Oil prices drop on concerns China's flagging economy to limit demand 14-10-2024 09:43 AM Ammon News - Oil prices fell on Monday after data showed China's inflation rate declined and a lack of clarity on the country's economic stimulus plans stoked fears about fuel demand in the world's biggest crude importer. Brent crude futures dropped 86 cents, or 1.1%, at $78.18 per barrel by 0523 GMT, while U.S. West Texas Intermediate crude futures fell 83 cents, also 1.2%, to $74.73 per barrel. Both benchmarks gave up their gains from last week, falling by more than $1 a barrel on Monday, before recovering some ground. Brent gained 99 cents last week, while WTI climbed $1.18. The negative news from China outweighed market concerns over the lingering possibility an Israeli response to Iran's Oct. 1 missile attack could disrupt oil production, though the U.S. has cautioned Israel against targeting Iranian energy infrastructure. Reuters

Home Business

Oil prices drop on concerns China's flagging economy to limit demand

14-10-2024 09:43 AM

Ammon News - Oil prices fell on Monday after data showed China's inflation rate declined and a lack of clarity on the country's economic stimulus plans stoked fears about fuel demand in the world's biggest crude importer.

Brent crude futures dropped 86 cents, or 1.1%, at $78.18 per barrel by 0523 GMT, while U.S. West Texas Intermediate crude futures fell 83 cents, also 1.2%, to $74.73 per barrel.

Both benchmarks gave up their gains from last week, falling by more than $1 a barrel on Monday, before recovering some ground. Brent gained 99 cents last week, while WTI climbed $1.18.

The negative news from China outweighed market concerns over the lingering possibility an Israeli response to Iran's Oct. 1 missile attack could disrupt oil production, though the U.S. has cautioned Israel against targeting Iranian energy infrastructure.

Reuters

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