{"id":4341,"date":"2024-10-14T09:35:16","date_gmt":"2024-10-14T04:05:16","guid":{"rendered":"https:\/\/lakshmishree.com\/news\/?p=4341"},"modified":"2024-10-14T09:35:17","modified_gmt":"2024-10-14T04:05:17","slug":"oil-prices-drop-over-1-amid-chinas-deflation-concerns-and-uncertain-stimulus-plans","status":"publish","type":"post","link":"https:\/\/lakshmishree.com\/news\/oil-prices-drop-over-1-amid-chinas-deflation-concerns-and-uncertain-stimulus-plans\/","title":{"rendered":"Oil Prices Drop Over $1 Amid China&#8217;s Deflation Concerns and Uncertain Stimulus Plans"},"content":{"rendered":"\n<p>Oil prices fell more than $1 per barrel in early trading on Monday, with Brent crude futures down 1.59% to $77.78 and U.S. West Texas Intermediate crude futures slipping 1.59% to $74.36. The decline came as disappointing inflation data from China fueled demand concerns, while the lack of clarity on Beijing&#8217;s economic stimulus plans added to market uncertainty.<\/p>\n\n\n\n<p>China&#8217;s deflationary pressures worsened in September, with the consumer price index rising just 0.4% and the producer price index dropping 2.8% year-on-year, marking the fastest decline in six months. Investors were left unimpressed after a weekend briefing by the China Ministry of Finance failed to outline a concrete fiscal stimulus package, despite pledges to increase debt issuance.<\/p>\n\n\n\n<p>&#8220;The fiscal measures needed to remove downside risks to growth and ignite the animal spirits within Chinese consumers are conspicuous in their absence,&#8221; said IG market analyst Tony Sycamore.<\/p>\n\n\n\n<p>Ongoing concerns about possible supply disruptions resulting from geopolitical tensions in the Middle East-which include the possibility of an Israeli response to Iran&#8217;s October 1 missile attack-were overshadowed by the bearish sentiment.<\/p>\n\n\n\n<p>Both Brent and WTI benchmarks increased by 1% last week as traders balanced Middle East risks against the short-term boost to U.S. fuel demand from Hurricane Milton. The overall fundamentals outlook continued to be weak, though, as energy major BP reported a $600 million profit drop in Q3 on soft refining margins. The U.S. also had a slight increase in the number of oil and gas rigs. Baker Hughes said its count rose by one rig to 586 for the week to Oct. 11.<\/p>\n\n\n\n<p><em>Do&nbsp;you have a news tip for Lakshmishree reporters? Please email us at&nbsp;<\/em>media@lakshmishree.com<\/p>\n\n\n\n<p><sub><sup>Source:\u00a0<a href=\"https:\/\/www.moneycontrol.com\/news\/business\/commodities\/oil-prices-fall-by-more-than-1-on-deflation-worries-in-china-12841202.html\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.moneycontrol.com\/news\/business\/commodities\/oil-prices-fall-by-more-than-1-on-deflation-worries-in-china-12841202.html\" rel=\"noreferrer noopener\">Moneycontrol<\/a><\/sup><\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fell more than $1 per barrel in early trading on Monday, with Brent crude futures down 1.59% to $77.78 and U.S. West Texas Intermediate crude futures slipping 1.59% to $74.36. The decline came as disappointing inflation data from China fueled demand concerns, while the lack of clarity on Beijing&#8217;s economic stimulus plans added [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[50],"tags":[485],"class_list":["post-4341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indian-market","tag-oil-price-china"],"_links":{"self":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/comments?post=4341"}],"version-history":[{"count":1,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4341\/revisions"}],"predecessor-version":[{"id":4343,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4341\/revisions\/4343"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media\/4342"}],"wp:attachment":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media?parent=4341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/categories?post=4341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/tags?post=4341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}