SINGAPORE — Oil prices extended declines on Monday as the threat of a supply disruption from a US storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer.
SINGAPORE — Oil prices extended declines on Monday as the threat of a supply disruption from a US storm eased and after China 's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer.Brent crude futures dropped 31 cents, or 0.4 percent, to $73.56 a barrel by 0340 GMT, while US West Texas Intermediate crude futures were at $70 a barrel, down 38 cents, or 0.5 0.4 percent.Both benchmarks fell more than 2 0.4 percent last Friday.
Oil consumption in China, the world's driver of global demand growth for years, has barely grown in 2024 as its economic growth has slowed, gasoline use has declined with the rapid growth of electric vehicles and liquefied natural gas has replaced diesel as a truck fuel.Oil prices have also eased after concerns about supply disruption from storm Rafael in the US Gulf of Mexico subsided.
Stimulus Disappoints As Oil Extends Declines
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