Brent crude falls to $79.75 on news from China

On October 8, oil prices fell after a strong rise on October 7, Report informs.

December Brent crude futures fell by $1.18 (1.46%) to $79.75 per barrel on the London ICE Futures exchange.

November WTI futures decreased by $1.18 (1.53%) to $75.96 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). The market was pressured by news from China.

Representatives of China's National Development and Reform Commission (NDRC) expressed confidence in the country's ability to achieve its economic goals for this year and promised to continue supporting the economy. However, the large-scale stimulus that traders had hoped for was not announced, which disappointed investors. Investors continue to monitor the situation in the Middle East.

The market is waiting for Israel's actions in response to Iran's recent missile attack on the country's territory, fearing that the crisis in the region will escalate into a full-scale war that will undermine oil supplies to the global market.