The price of oil fell about 5%, the biggest daily decline since the beginning of September

After a week-long rise, prices fell Oil By about 5% during trading on Tuesday, representing the biggest daily decline since the beginning of September.

When settled, “Brent” reduced its loss to about 4.5%, registering $77.28, and “West Texas” by about 4.6%, registering $73.57.

The decline came amid traders monitoring tensions in the Middle East, and the prospect of pumping more stimulus into the arteries of China’s economy after the country returned from a week-long holiday, while s that the briefing of the Development and Reform Committee, today, did not give what the market was looking forward to in terms of new measures and incentives for the second largest economy in the world.

Thierry Wezemann, foreign exchange and global interest rates strategist at Macquarie, believes that if oil prices close this low today, it will be because of China, not the Middle East. He believed that “the disappointment for traders who expected to see new financial spending in China reduced the prices of most basic products today. “

However, traders are worried about developments in the Middle East, after Iran’s missile bombardment towards Israel raised fears of an all-out war in a region that represents a third of the world’s oil supplies. world, amid US President Joe Biden’s efforts to stop Tel Aviv from attacking him. Tehran oil fields.