WASHINGTON (dpa-AFX) - Oil prices fell nearly 1 percent on Monday to extend declines from Friday amid the easing of any supply disruptions from Hurricane Rafael.
Benchmark Brent crude futures fell 0.9 percent to $73.22 a barrel in European trade, while WTI crude futures were down 1.1 percent at $69.62.
The threat of a supply disruption from Rafael eased as it entered the Gulf of Mexico as a hurricane but meandered and fizzled before making a final landfall along the U.S. or Mexican Gulf Coast.
China's underwhelming debt package also disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer.
Beijing on Friday approved about 10 trillion yuan ($1.4 trillion) in measures aimed at lowering government debt levels but the package didn't contain any targeted measures to boost private consumption.
Adding to investor anxiety, the release of weak inflation data released over the weekend spurred new concerns over the recovery in the world's second-largest economy.
China's consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
