Brent crude futures were down 58 cents at $74.49 a barrel at 1030 GMT, while U.S. West Texas Intermediate crude fell 60 cents to $70.96
Oil prices slipped on Wednesday as investors reassessed whether China ’s latest stimulus plans will be able to boost its economy and spur fuel demand in the world’s largest crude importer.
Despite a slew of monetary support measures announced by China’s central bank on Tuesday, the boldest since the pandemic, analysts warned that more fiscal help was needed to boost activity in the world’s second-largest economy. “Market participants questioning if the latest stimulus measures by the People’s Bank of China are enough to support Chinese economic and oil demand growth,” said UBS analyst Giovanni Staunovo.
Energy Cent Barrel China Oil Economy Conflict World Support U.S. Gulf Coast People 'S Bank Of China American Petroleum Institute
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices fall as Chinese demand concerns overshadow Libyan export haltBrent crude futures fell by $1.65 to $75.87 a barrel by 1004 GMT, while West Texas Intermediate crude futures were down $1.06 at $72.49
Read more »
Once-acquisitive Chinese oil giant looks to revive global dealmakingCNPC, Asia's top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as...
Read more »
Once-acquisitive Chinese oil giant CNPC looks to revive global deal makingCNPC is eyeing gas liquefaction and deep sea drilling as well as building on its record of producing more from aging wells
Read more »
Chinese oil major CNOOC posts record interim profit on robust output growthCNOOC’s net production of oil and gas increased by 9.3% to 362.6 million barrels of oil equivalent as it expanded its reserve base
Read more »
Chinese oil major CNOOC says fossil fuel will be crucial for the foreseeable futureCNOOC said it aimed to pump 700 million to 720 million barrels of oil equivalent for 2024, or 3% to 6% above the level of last year
Read more »
Oil dips as weak Chinese demand counters supply disruptions from Tropical Storm FrancineBrent crude futures were down 79 cents at $71.05 a barrel by 0948 GMT, while U.S. West Texas Intermediate crude lost 82 cents to $67.89
Read more »