WTI drops to near $74.00 following China inflation data
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WTI depreciates due to deflation worries in China. Oil prices struggle due to uncertainty surrounding China’s economic stimulus plans. The US expanded sanctions on Iran’s petroleum and petrochemical sectors in response to an Iranian attack on Israel. West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $74.10 per barrel during the Asian hours on Monday. WTI price has depreciated by more than 1% following the lower-than-expected September Consumer Price Index (CPI) data from China released on Sunday. The National Bureau of Statistics of China reported that the country’s monthly Consumer Price Index (CPI) remained unchanged at 0% in September, down from August’s 0.4% increase. The annual inflation rate rose by 0.4%, falling short of the anticipated 0.6%. Additionally, the Producer Price Index (PPI) decreased by 2.8% year-on-year, a larger drop than the previous decline of 1.8% and exceeding expectations of a 2.5% decrease. Crude oil prices also face downward pressure due to uncertainty surrounding economic stimulus plans in China, raising fears about demand in the world’s largest Oil importing country. However, following a briefing from China’s Ministry of Finance (MoF) on Saturday, the National People’s Congress expressed optimism. The ministry announced plans to issue special bonds aimed at supporting bank recapitalization and stabilizing the real estate sector, although no specific figures were provided. The downside of the Oil prices could be limited following the escalating tensions in the Middle East. The United States (US) expanded sanctions against Iran’s petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, per Reuters. On Sunday, Hezbollah claimed responsibility for the drone attack in north-central Israel, killing at least four Israeli soldiers were killed, and over 60 people were injured, according to CNN. The number of injuries makes the attack one of the…
Filed under: News - @ October 14, 2024 4:11 am