Oil falls more than 2% as China stimulus disappoints investors

Oil prices fell more than 2% on Monday after China’s stimulus plan disappointed investors looking for fuel demand growth in the world’s second-largest oil consumer, along with a stronger dollar.

Brent crude futures fell $1.83, or 2.48%, to $72.04 a barrel, while West Texas Intermediate (WTI) crude futures fell $1.91, or 2.71%, to $68.47 a barrel. Both benchmarks fell more than 2% on Friday. According to Reuters, Tony Sycamore, a market analyst at IG, said in a note quoted by Reuters that the stimulus package announced by Beijing during a meeting of the Standing Committee of the National People’s Congress on Friday fell short of market expectations, noting that its vague forward guidance suggested limited stimulus to the housing and consumption sectors.