Oil Prices Steady Amid China’s Stimulus Concerns

Oil prices remained stable amid concerns over China's sluggish economic outlook and a disappointing stimulus package. Brent crude futures hovered around $71.82 per barrel, while U.S. West Texas Intermediate crude futures reached $68.07. Both contracts have seen declines of over 5% in recent trading sessions, exacerbated by fears of oversupply and a recent downgrade in demand forecasts from OPEC. Analysts noted that the market is transitioning towards contango, indicating a well-supplied physical market. The upcoming OPEC report is highly anticipated, as it is expected to provide further insights into future demand. Overall, the combination of weak Chinese consumer inflation data and easing concerns over U.S. storm-related supply disruptions continues to influence oil market dynamics.