Commodities and Futures News

Oil prices dip as China stimulus underwhelms, US hurricane risk abates

2024.11.10 21:23

Oil prices dip as China stimulus underwhelms, US hurricane risk abates

Investing.com– Oil prices fell in Asian trade on Monday (NASDAQ:) as more fiscal stimulus measures from top importer China largely underwhelmed, while a hurricane in the Gulf of Mexico appeared to have a limited impact on U.S. production.

Prices extended losses from Friday after Beijing approved about 12 trillion yuan ($1.6 trillion) in fresh fiscal spending. But a lack of targeted measures for private consumption largely left investors wanting more, especially as data over the weekend showed persistent Chinese deflation.

In the U.S., fears of immediate disruptions in production eased as Hurricane Rafael weakened into a tropical storm as it made landfall in Cuba. But several energy firms in the Gulf of Mexico still kept production offline.

expiring in January fell 0.2% to $73.72 a barrel, while fell 0.3% to $69.90 a barrel by 20:38 ET (01:38 GMT). 

China stimulus underwhelms 

China’s new stimulus measures disappointed investors hoping for more, especially as the world’s biggest oil importer did not announce measures specifically aimed at improving private spending. 

Analysts at ANZ said the gaps in stimulus were to accommodate for potential headwinds from a change in U.S. administration, after Donald Trump won the 2024 presidential elections.

Trump has vowed to impose steep import tariffs against China, heralding more economic headwinds for the country. 

Data released over the weekend also showed Chinese consumer inflation contracted in October, while producer inflation shrank for a 25th consecutive month.

ANZ analysts said they were now awaiting China’s Politburo meeting and the Central Economic Work Conference in December for more cues on stimulus. 

US supply fears abate as Hurricane Rafael weakens 

Hurricane Rafael weakened into a tropical storm over the Gulf of Mexico, and is expected to weaken further in the coming days.

The storm is now projected to pose a limited threat to oil production in the region, heralding fewer supply disruptions.

In the U.S., markets were uncertain over the outlook for production, which is expected to potentially increase under Trump.

But Trump is also expected to impose harsher sanctions against Venezuela and Iran, potentially cutting off some global oil supply.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,846.22 1.45%
ethereum
Ethereum (ETH) $ 3,409.46 3.42%
tether
Tether (USDT) $ 1.00 0.05%
solana
Solana (SOL) $ 255.46 0.03%
bnb
BNB (BNB) $ 650.15 3.91%
xrp
XRP (XRP) $ 1.46 0.47%
dogecoin
Dogecoin (DOGE) $ 0.425333 5.81%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 1.05 7.20%
staked-ether
Lido Staked Ether (STETH) $ 3,408.31 3.55%
tron
TRON (TRX) $ 0.211339 4.83%
avalanche-2
Avalanche (AVAX) $ 41.27 2.19%
the-open-network
Toncoin (TON) $ 6.26 13.91%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 2.42%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,035.86 3.24%
stellar
Stellar (XLM) $ 0.486436 40.23%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,538.13 1.51%
polkadot
Polkadot (DOT) $ 8.49 32.16%
chainlink
Chainlink (LINK) $ 17.30 12.96%
bitcoin-cash
Bitcoin Cash (BCH) $ 500.15 1.77%
weth
WETH (WETH) $ 3,407.38 3.35%
sui
Sui (SUI) $ 3.41 1.86%
pepe
Pepe (PEPE) $ 0.00002 0.30%
leo-token
LEO Token (LEO) $ 8.60 1.27%
near
NEAR Protocol (NEAR) $ 6.13 7.10%
litecoin
Litecoin (LTC) $ 98.53 8.48%
aptos
Aptos (APT) $ 12.57 3.67%
uniswap
Uniswap (UNI) $ 10.71 14.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,588.00 3.33%
hedera-hashgraph
Hedera (HBAR) $ 0.15161 9.65%
crypto-com-chain
Cronos (CRO) $ 0.199841 5.57%
internet-computer
Internet Computer (ICP) $ 11.22 6.02%
usds
USDS (USDS) $ 0.999736 0.47%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.566035 17.82%
ethereum-classic
Ethereum Classic (ETC) $ 29.49 4.83%
render-token
Render (RENDER) $ 7.66 4.69%
kaspa
Kaspa (KAS) $ 0.152365 0.93%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
bittensor
Bittensor (TAO) $ 511.00 3.88%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 12.79%
whitebit
WhiteBIT Coin (WBT) $ 24.75 0.45%
bonk
Bonk (BONK) $ 0.000047 3.03%
arbitrum
Arbitrum (ARB) $ 0.856339 10.38%
dai
Dai (DAI) $ 1.00 0.03%
vechain
VeChain (VET) $ 0.041345 21.69%
mantra-dao
MANTRA (OM) $ 3.66 3.77%
filecoin
Filecoin (FIL) $ 5.47 13.99%
dogwifcoin
dogwifhat (WIF) $ 3.20 2.75%
cosmos
Cosmos Hub (ATOM) $ 8.16 10.91%
okb
OKB (OKB) $ 51.50 10.98%