Oil prices fell on Mondayaffected by Chinese economic data and measures that did not convince investors, as well as by the military exercises launched by Beijing around Taiwan. The price of a barrel of North Sea Brent for delivery in December fell 2% to $77.46. Meanwhile, a barrel of West Texas Intermediate (WTI) for November fell 2.29% to $73.83.
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“The big negative point of the weekend was the Chinese economy, and then the military exercises in and around Taiwan“said John Kilduff, analyst at Again Capital. China, the largest importer of black gold, announced on Saturday that will resort massively to public debtthrough special bonuses, to stimulate its slowing economy and boost the real estate and banking sector.
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“In the next three months, a total of 2.3 trillion yuan can be made available [unos 325.000 millones de dólares] in special bond funds for use in various locations“said Finance Minister Lan Fo’an. Furthermore, the absence of a clear timetable and measures to stimulate consumption disappointed investors, who were also unconvinced by the import data.
The market is also concerned about the military maneuvers launched on Monday by Beijing around Taiwan, a self-governing island that Beijing considers part of its territory, and which the Chinese army presented as a “warning“to the”separatists“.”These military exercises (…) are also negative for prices, because the consequences (of a Chinese offensive on Taiwan) would obviously cause a major economic disruption and a drop in oil demand“, according to Kilduff. Fears of an Israeli retaliation against Iranian oil infrastructure have also dissipated somewhat, according to analysts, which contributes to the fall in prices.
AFP
