• WTI prices depreciated as China’s latest stimulus measures fell short of investor expectations, further weakening demand outlooks for Oil.
• China announced a 10 trillion Yuan debt package that does not include direct economic stimulus measures.
• Oil prices fall due to easing concerns over potential supply disruptions from Storm Rafael in the US Gulf of Mexico.

West Texas Intermediate (WTI) Oil price continues to decline for the second consecutive day, trading around $69.90 per barrel during the Asian hours on Monday. The drop in crude Oil prices comes as China's latest stimulus measures disappointed investors, further weakening demand expectations from the world’s largest Oil importer.

On Friday, China announced a 10 trillion Yuan debt package aimed at easing local government financing pressures and supporting economic growth, but the package did not include direct economic stimulus measures, which added to market concerns. Additionally, lower-than-expected Chinese economic data released on Saturday highlighted deflation risks, despite Beijing’s stimulus efforts in late September.

China’s Consumer Price Index (CPI) rose by 0.3% year-over-year in October, slightly below market expectations and down from September’s 0.4%. The month-over-month CPI fell by 0.3%, a sharper decline than the anticipated 0.1% drop, following a flat reading in September. Meanwhile, China’s producer prices dropped by 2.9% year-over-year, a steeper decline compared to the 2.8% fall in the previous month.