Oil little changed as US storm threat abates

Home Business Oil little changed as US storm threat abates 11-11-2024 10:55 AM Ammon News - Oil prices were little changed on Monday as the threat of supply disruptions from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer. Brent crude futures rose 4 cents to $73.91 a barrel by 0714 GMT while U.S. West Texas Intermediate crude futures were at $70.31 a barrel, down 7 cents. Both benchmarks fell more than 2% on Friday. Beijing's latest stimulus package announced at the National People's Congress (NPC) standing committee meeting on Friday fell short of market expectations, IG market analyst Tony Sycamore said in a note, adding that its murky forward guidance hinted at only modest stimulus for housing and consumption. ANZ analysts said the lack of direct fiscal stimulus implied that Chinese policymakers have left room for assessing the impact of policies the next U.S. administration will introduce. Oil prices have also eased after concerns about potential supply disruptions from storm Rafael in the U.S. Gulf of Mexico subsided. Reuters

Home Business

Oil little changed as US storm threat abates

11-11-2024 10:55 AM

Ammon News - Oil prices were little changed on Monday as the threat of supply disruptions from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer.

Brent crude futures rose 4 cents to $73.91 a barrel by 0714 GMT while U.S. West Texas Intermediate crude futures were at $70.31 a barrel, down 7 cents.

Both benchmarks fell more than 2% on Friday.

Beijing's latest stimulus package announced at the National People's Congress (NPC) standing committee meeting on Friday fell short of market expectations, IG market analyst Tony Sycamore said in a note, adding that its murky forward guidance hinted at only modest stimulus for housing and consumption.

ANZ analysts said the lack of direct fiscal stimulus implied that Chinese policymakers have left room for assessing the impact of policies the next U.S. administration will introduce.

Oil prices have also eased after concerns about potential supply disruptions from storm Rafael in the U.S. Gulf of Mexico subsided.

Reuters

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