Investing.com– Oil prices were flat in Asian trade on Tuesday after logging steep losses in the prior session as more stimulus measures in China underwhelmed, while focus also remained on U.S. supplies.
Crude prices tumbled on Monday as China’s plans for more fiscal spending left investors wanting, while inflation data from the world’s biggest oil importer also disappointed.
In the U.S., tropical storm Rafael was seen largely dissipating in the Gulf of Mexico, soothing any fears of supply disruptions in the region.
expiring in January rose 0.2% to $71.95 a barrel, while rose 0.2% to $68.04 a barrel by 20:29 ET (01:29 GMT). Both contracts lost over 2% on Monday.
Oil markets were also pressured by a strong dollar, as positioning around a Donald Trump victory in the presidential election pushed the greenback to a four-month high. Markets were also waiting to see what Trump’s policies would entail for U.S. oil production and global supplies.
China stimulus underwhelms, more measures awaited
China announced a debt swap package worth about 10 trillion yuan ($1.6 trillion) to help support local governments in the coming years.
But the measure is expected to provide…
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