Oil prices drop following concerns about China’s weak economic growth
report Mehr News Agency, according to Reuters, the price of oil in the early hours of trading in the Asian markets on Monday (October 23) following the release of data on the decrease in China’s inflation rate and the lack of clarity about its economic stimulus plans The Asian country, following concerns about the fuel demand of the world’s largest crude oil importer, decreased.
The price of Brent North Sea crude oil until 5:23 am on Monday to Greenwich time decreased by 86 cents or 1.1% to 78 dollars and 18 cents per barrel.
Meanwhile, US crude oil index WTI dropped by 83 cents or 1.2%. It was traded at 74 dollars and 73 cents per barrel.
Both oil benchmarks were down more than a dollar a barrel in Monday’s trade before recovering slightly after last week’s gains.
The weekly price of Brent rose 99 cents last week, while the increase WT was one dollar and 18 cents per barrel.
The factor of negative news from China’s economy overcame the factor of market concerns about the long-term possibility of the Zionist regime’s reaction to Iran’s missile attack and its effect on the possible disruption of oil production in the Middle East region. , although Washington has warned about this regime’s attack on Iran’s energy infrastructure.
China’s deflationary pressures intensified in September, according to official data released on Saturday, and a press conference the same day reassured investors about the size of the stimulus package to revive the economy. He faced doubts in the world’s second largest economy.
Priyanka SachdevaAnalyst Philip Nova said in a note on Monday: “China’s consumer price index shows a persistent deflationary trend and weaker domestic consumption despite the announcement of large monetary stimulus by Chinese authorities in September.”
According to the report of the National Bureau of Statistics of China, the consumer price index ignored expectations and the producer price index decreased at the fastest rate in the last 6 months and compared to the same period Last year shows a 2.8% drop.
