Oil Falls by Over 2.5%
WTI crude oil futures fell by over 2.5% to $73.5 per barrel on Monday, driven by concerns over China's weakening economy.
Markets were disappointed by China's Finance Ministry briefing on Saturday, which lacked new major fiscal stimulus, despite promises of support for the property sector and potential increased borrowing. China's inflation rate also declined in September, raising fears about weaker fuel demand in the world’s largest crude importer.
This negative sentiment from China outweighed concerns about potential oil supply disruptions from a possible Israeli response to Iran’s Oct. 1 missile attack, though the US has cautioned Israel against targeting Iranian energy infrastructure.
Source : Trading Economics