{"id":46643,"date":"2024-10-11T13:56:02","date_gmt":"2024-10-11T13:56:02","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-with-low-us-demand-market-awaits-china-stimulus-package"},"modified":"2024-10-11T14:16:34","modified_gmt":"2024-10-11T14:16:34","slug":"oil-down-with-low-us-demand-market-awaits-china-stimulus-package","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-with-low-us-demand-market-awaits-china-stimulus-package","title":{"rendered":"Oil down with low US demand, market awaits China stimulus package"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices declined on Friday as low demand in the US, the world’s biggest oil consumer, offset the threat of Israel’s possible attack on Iran’s energy infrastructure.<\/p>\n

International benchmark Brent crude fell by 0.88% to $78.70 per barrel at 11.13 a.m. local time (0813 GMT), down from the previous session’s close of $79.4.<\/p>\n

US benchmark West Texas Intermediate (WTI) declined by 0.82% to $75.23 per barrel after closing at $75.85 in the prior session.<\/p>\n

Economic data announced in the US on Thursday pushed prices lower. Experts say there might be a change in the US Federal Reserve’s (Fed) rate reduction policy after the inflation rate announced in the US was above expectations.<\/p>\n

The Consumer Price Index (CPI) increased above expectations with 0.2% on a monthly basis and 2.4% on an annual basis in September.<\/p>\n

In addition, the number of people applying for unemployment benefits for the first time in the US increased to 258,000 in the week ending Oct. 5, exceeding market expectations.<\/p>\n

Analysts noted that Hurricane Helene and the worker strikes from last week may have been partially effective in the increase in unemployment benefit applications.<\/p>\n

Experts say Hurricane Milton which hit Florida as a category 3 storm may also affect employment data in the coming weeks.<\/p>\n

Also, in China, the world’s biggest oil importer, experts forecast a surge in oil demand following new incentives to stimulate the economy.<\/p>\n

The government is expected to announce more fiscal stimulus plans over the weekend to support the country’s economy.<\/p>\n

Meanwhile, according to Israeli media reports, Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden discussed Israel’s possible retaliation against Iran during a phone call on Oct. 9.<\/p>\n

The news story on Walla News claimed Netanyahu and Biden are close to agreement on the scope of Tel Aviv’s possible attack plan.<\/p>\n

Iran launched a missile attack on Israel on October 1. The Tel Aviv administration had announced that Israel would respond to this attack.<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices declined on Friday as low demand in the US, the world’s biggest oil consumer, offset the threat of Israel’s possible attack on Iran’s energy infrastructure. 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