Oil declined after China's highly anticipated Finance Ministry briefing on Saturday lacked specific new incentives to boost consumption in the world's biggest crude importer.
West Texas Intermediate fell around 2% to settle just below $74 a barrel while Brent also slumped. Despite Beijing's promises of more support for the struggling property sector and hints of greater government borrowing, the briefing didn't produce the headline dollar figure for fresh fiscal stimulus that the markets had sought. Data showed export growth unexpectedly slowed, curbing a trade rebound that had been a bright spot in a weakening economy.
WTI has risen around 8% this month as the prospect of an escalation in the Middle East threatens output from a region that supplies about a third of the world's oil. The tensions have seen hedge funds flee bearish bets against the crude benchmark at the fastest pace in nearly eight years, while bearish bets on diesel futures plunged by the most on record.
WTI for November delivery declined 2.3% to settle at $73.83 a barrel. Brent for December settlement dropped 2% to settle at $77.46 a barrel.
Source: Bloomberg
