Traders were disappointed by the lack of new large-scale economic stimulus for China’s economy.
Oil prices for the benchmark brands intensified their decline. This was confirmed by the trading results on the evening of Tuesday, October 8.
Thus, quotes for December futures for Brent on the London ICE Futures exchange fell by $3.81 (4.71%) to $77.12 per barrel.
In turn, the price of WTI oil futures for November on the New York Mercantile Exchange (NYMEX) fell by $3.75 (4.86%) to $73.39 per barrel.
As reported on Tuesday, representatives of China’s National Development and Reform Commission (NDRC) expressed confidence in the country’s ability to achieve its economic goals for this year and pledged to continue supporting the economy. However, they did not mention the massive new stimulus that traders were expecting, which was a disappointment for the market.
Meanwhile, businessmen continue to monitor the situation in the Middle East. They fear a direct clash between Israel and Iran or a strike on Iran’s oil infrastructure.
In addition, the expectation of another hurricane in the Gulf of Mexico has an impact on the oil market. Florida ports are closed due to the approach of Hurricane Milton, which could make landfall on the state’s coast on Wednesday. This may disrupt the supply of petroleum products.
Source: korrespondent
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