reduce Oil prices After I lack Statement from the Chinese Ministry of Finance On Saturday, there were new incentives to boost consumption in the biggest crude importer. This comes as the market awaits Israeli strikes on Iran.
Brent crude fell below $78 a barrel after falling 0.5% on Friday, while West Texas Intermediate crude traded near $74. While China promised more support for the struggling real estate sector and reference to more government borrowing, the announcement did not specify the amount of the new fiscal stimulus that markets wanted to know.
Meanwhile, oil traders continue to monitor Israel’s response to Iran’s October 1 ballistic missile attack, with one report suggesting it has reduced targets for military infrastructure. and energy.
Over the weekend, a Hezbollah drone attack killed four Israeli soldiers, and the Pentagon said it would send an advanced missile defense system and related forces to help protect its ally.
Brent crude prices rose by around 9% this month amid fears of an escalation in conflict in the Middle East region, which supplies the world with around a third of its oil needs. The tightening caused hedge funds to flee bearish bets against benchmark crude oil at the fastest pace in about eight years.
2024-10-14 02:57:00
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