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Oil prices have collapsed
Oil prices fell to $75 a barrel for the first time since early October.
On Monday evening, October 14, crude oil futures prices began to fall sharply on global markets. Less than an hour later, the price of Brent crude on London's ICE exchange fell $2.50 to $75 a barrel and has since reached at least $74.87, according to data on the site.
The price of WTI crude fell to $71.47 for the first time since early October, down 3.5% in a single day, as the market reacted to reports that Israel does not view oil infrastructure or nuclear facilities as targets for an upcoming Iranian attack.
The Washington Post, citing two officials, reported that Israeli Prime Minister Benjamin Netanyahu had promised the US leadership that he would strike military targets. He did not specify which ones.
The threat of strikes on Iranian oil fields and trading ports remains the main reason for the rise in global oil prices over the past two weeks. Along with the weakening, the impact of the economic stimulus package announced by the Chinese government, which could boost demand for oil, is gradually fading.
The briefing on Saturday, October 12, disappointed investors as promises to support the property sector and boost borrowing were not translated into concrete figures. Against this backdrop, another round of negative statistics, including deflation reaching its highest level in six months, served as a reminder that China's economic problems cannot be solved with state support alone.