Oil Falls on China Demand Woes Even as Market Remains Rangebound
Oil fell after Chinese stimulus measures disappointed speculators, but not enough to jolt prices from the narrowest trading band since July.
West Texas Intermediate traded in a roughly $3 range this week, with investors in wait-and-see mode following Donald Trump’s election victory. Uncertainty about how the president-elect will handle the Middle East conflict and Iranian oil exports has fueled high volatility while tamping down liquidity. Still, renewed concerns about demand in China, the world’s largest oil consumer, sent the US benchmark 2.7% lower to settle near $70 a barrel Friday. Brent ended the session below $74.
WTI for December delivery declined 2.7% to settle at $70.38 a barrel. Brent for January settlement fell 2.3% to settle at $73.87 a barrel.
Source: Bloomberg