HONG KONG, OCT 15 – Oil prices fell today after reports that Israeli Prime Minister Benjamin Netanyahu told US President Joe Biden that he would not attack Iran’s oil or nuclear facilities in response to a missile attack earlier this month. .
The sell-off came as the commodity was also weighed down by concerns about China’s economic outlook after Beijing failed to announce any new stimulus at a briefing last weekend.
Shares in Hong Kong and Shanghai fell again after traders were frustrated by the lack of details in several measures announced last week to stimulate the Chinese economy.
Still, most other Asian markets closed higher after record closes for the Dow and the S&P 500 on Wall Street, with the third-quarter reporting season about to begin.
Both major oil contracts fell more than four percent after losing at least two percent yesterday, after Washington Post reported that Netanyahu promised to attack Iran’s military instead of its oil and nuclear sectors.
Investors have been on edge since Tehran launched a missile attack on Israel earlier this month, raising fears of a response that could spark a region-wide conflict. – AFP
