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Crude oil prices fall more than 2% after China finance minister disappoints on stimulus
Crude oil futures fell more than 2% on Monday after a press briefing by China’s finance minister disappointed the market. Traders have been banking on more robust stimulus in China to boost the world’s second-largest economy. Soft demand in the world’s largest crude importer has weighed on the market for months. “China’s monetary stimulus measures failed to stimulate and the weekend’s pledge from the finance ministry to borrow more was long on cliches and phrases but short on reassuring and convincing details,” Tamas Varga, analyst at oil broker PVM, told clients in a note.
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- Posted: Oct 14, 2024 11:52am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 110
