Crude oil futures fell more than 2% on Monday after a press briefing by China’s finance minister disappointed the market.
Traders have been banking on more robust stimulus in China to boost the world’s second-largest economy. Soft demand in the world’s largest crude importer has weighed on the market for months.
“China’s monetary stimulus measures failed to stimulate and the weekend’s pledge from the finance ministry to borrow more was long on cliches and phrases but short on reassuring and convincing details,” Tamas Varga, analyst at oil broker PVM, told clients in a note.
Here are Monday’s energy prices:
- West Texas Intermediate November contract: $73.93 per barrel, down $1.63, or 2.16%. Year to date, U.S. crude oil has gained about 3%.
- Brent December contract: $77.44 per barrel, down $1.60, or 2.02%. Year to date, the global benchmark is little changed.
- RBOB Gasoline November contract: $2.1044 per gallon, down 2.19%. Year to date, gasoline is little changed.
- Natural Gas November contract: $2.572 per thousand cubic feet, down 2.28%. Year to date, gas is ahead more than 2%.
The market, meanwhile, continues to monitor the Middle East in anticipation of a retaliatory strike by Israel against Iran. U.S. officials told NBC News that Israel has narrowed down the targets it plans to hit. These include military and energy infrastructure, the officials told NBC.