London: Oil prices fell on Monday, investors not seeing the economic measures announced on Saturday by Beijing having a real influence on the demand for Chinese crude, in the grip of an economic slowdown. Around 9:30 a.m. GMT (11:30 a.m. CET), the price of barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea, for delivery in December, lost 2.02%% to 77.44 dollars.
Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.), for delivery in November, fell 2.14%, to $73.94.
🇨🇳 “The prudence of the measures taken by the Chinese government to revive the economy“have not convinced the markets of an increase in Chinese oil demand in the medium and long term, explains Ipek Ozkardeskaya, analyst at Swissquote.
China, the leading importer of black goldannounced on Saturday a massive recourse to public debt, with special bonds, to support its flagging economy, targeting the market and the banks.
“Over the next three months, a total of 2.3 trillion yuan (296.84 billion euros) of special bonds can be used“, said Finance Minister Lan Fo’an.
However, “the absence of a clear timetable and measures to address weak consumption and dependence on infrastructure investments” have only increased market skepticism, according to Mukesh Sahdev, an analyst at Rystad Energy.
The price of oil is also structurally contained by forecasts of abundant production in 2025.
Investors still remainvery attentive” to the conflict in the Middle East, estimates Tamas Varga, analyst at PVM.
🇺🇸 The United States announced Friday a series of sanctions targeting the Iranian petrochemical industry in response to the October 1 attack on Israel.
🇮🇱 But the markets are above all monitoring Israel’s response to this attack and fear a response on Iran’s oil infrastructure which would push up crude prices in the short term.
(c) AFP
Comment Oil falls, China’s economic stimulus disappoints
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