Friday 22 Nov
Oil prices dipped on Monday after China announced a stimulus package that fell short of expectations.
Brent crude futures decreased by 0.4% to $73.56 per barrel, while West Texas Intermediate (WTI) crude futures dropped 0.5% to $70 per barrel.
Oil market analysts said that the
stimulus package unveiled by Beijing last Friday during the Standing Committee
of the National People's Congress fell short of expectations. It lacked
sufficient measures to stimulate the economy as the market had hoped.
They pointed out that the Chinese government's vague future directions indicate a limited focus on stimulating the housing and consumption sectors. Additionally, easing concerns about supply disruptions caused by Hurricane Raphael in the Gulf of Mexico contributed to today's decline in oil prices.
