{"id":111033,"title":"Oil prices hover around their lowest in three months due to deflation concerns in China.","publisher":"Share Talk","author":"sharetalk","published":"2023-11-09T12:05:32+00:00","modified":"2023-11-09T12:05:32+00:00","canonical_url":"https://www.share-talk.com/oil-prices-hover-around-their-lowest-in-three-months-due-to-deflation-concerns-in-china/","markdown_url":"https://www.share-talk.com/oil-prices-hover-around-their-lowest-in-three-months-due-to-deflation-concerns-in-china.md","json_url":"https://www.share-talk.com/oil-prices-hover-around-their-lowest-in-three-months-due-to-deflation-concerns-in-china.json","category":"Energy","categories":["Energy","Oil and Gas"],"tags":["Apple","Brent","Brent Crude","china","crude","ENERGY","Exchange","gas","Market","oil","Russia","Saudi","Saudi Arabian Riyals","Saudi Aramco","Stock","Texas","Ukraine","USA","West"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/HE1-16_10_23.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"Oil prices have hovered around their lowest point since July due to increasing concerns over demand from China, as the nation experiences deflation.\n\nThe global benchmark, Brent crude, saw a modest increase of 0.9% to just over $80 per barrel after dipping to a three-month nadir the previous Wednesday, marking a 7% decline over two days.\n\nThe additional cost factored into oil prices following the onset of conflict in the Middle East has waned as the hostilities have been confined to Israel.\n\nJulius Baer analyst Norbert Ruecker remarked, “The market’s attention appears to be transitioning from a geopolitical fear-driven stance to one grounded in tangible economic fundamentals.\n\nThe combination of plentiful supplies, gradual production increases, and plateauing demand presents a fundamentally weak backdrop.”\n\nRicardo Evangelista, a senior analyst at ActivTrades, noted, “Inflation figures from China, the leading oil importer globally, indicate a trend towards disinflation that could signal an impending economic deceleration, potentially leading to a downturn in energy usage."}