China’s State Development and Reform Committee has not announced large-scale economic incentives, disappointing investors.
On Tuesday morning, world oil prices fell after a significant increase on Monday. This was confirmed by the trading results on Tuesday, October 8.
Thus, the price of December Brent futures on the London ICE Futures exchange fell by $1.43 (1.77%) to $79.50 per barrel. The previous day, the price of this type of oil rose by $2.88 (3.7%), to $80.93 per barrel – the highest since August 26.
The price of November futures for WTI fell in electronic trading on the New York Mercantile Exchange (NYMEX) by $1.45 (1.88%), to $75.69 per barrel. In the previous session, the contract rose $2.76 (3.7%) to $77.14 per barrel, which was the highest since the end of August.
News from China put pressure on the market. Representatives of the National Development and Reform Committee (NDRC) expressed confidence in the country’s ability to achieve this year’s economic goals and pledged to continue supporting the economy. However, the massive stimulus expected by traders was not announced, leaving investors disappointed.
Market analysts also continue to monitor the situation in the Middle East. Israel’s response to the recent Iranian missile attack on the country is expected. Further development of the crisis in the region may escalate into a full-scale war, which will undermine oil supplies on the global market.
Earlier, the media noted Iran’s preparations to attack Israel. Satellite images showed several oil tankers abandoning the waters around a major Iranian terminal on Kharg Island amid fears of an Israeli strike on energy infrastructure.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.