Oil Prices Decline as US Storm Concerns Diminish and China’s Stimulus Disappoints.

Muscat: Oil prices today extended declines as the threat of a supply disruption from a US storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer. Brent crude futures dropped 19 cents, or 0.3%, to $73.68 a barrel, while US West Texas Intermediate crude futures were at $70.13 a barrel, down 25 cents, or 0.4%. Both benchmarks fell more than 2% last Friday. According to Oman News Agency, Oil consumption in China, the world's driver of global demand growth for years, has barely grown in 2024 as its economic growth has slowed. Gasoline use has declined with the rapid growth of electric vehicles, and liquefied natural gas has replaced diesel as a truck fuel. These factors contribute to the reduced demand for oil in China, influencing global oil prices. Furthermore, oil prices have also eased after concerns about supply disruption from storm Rafael in the US Gulf of Mexico subsided. The initial fear of potential supply interruptions had pressu red prices, but with the storm threat now diminished, the market has responded with a decline in oil prices.