Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No.
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.
Oil prices have also eased after concerns about supply disruption from storm Rafael in the U.S. Gulf of Mexico subsided.
More than a quarter of U.S. Gulf of Mexico oil and 16% of natural gas output remained offline on Sunday, according to the offshore energy regulator.
Looking ahead, uncertainty from policies under U.S. President-elect Donald Trump have clouded the global economic outlook although expectations that he could tighten sanctions on OPEC producers Iran and Venezuela and cut oil supply to global markets partly caused oil prices to gain more than 1% last week.
Persons:
Tony Sycamore, Rafael, Donald Trump, refiners
Organizations:
Brent, West Texas, National People's Congress, ANZ, Central Economic Work Conference, U.S
Locations:
U.S, China, U.S . Gulf, Mexico, Iran, Venezuela