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Global crude oil prices continued their decline for a second consecutive session on Tuesday, October 29, 2024, as indications of a potential de-escalation in Israel’s offensive in Lebanon tempered the market, outweighing the prospect of imminent stimulus in China.

Brent crude decreased by $0.30 to close at $71.12/barrel.

WTI fell by $0.17 to settle at $67.21/barrel.

Analysts suggest that market sentiment was dampened by news from Bloomberg that the Israeli government is preparing for talks to explore a diplomatic resolution to the conflict in Lebanon, hinting at a possible easing of regional tensions that had previously bolstered oil prices.

Adding further downward pressure, OPEC+ has announced plans to increase production in December, a move that could contribute to an already supply-heavy market with subdued demand.

Meanwhile, all eyes are on China as top government officials prepare for a key policy meeting from November 4 to 8. Speculation suggests that the government may announce a substantial fiscal stimulus package, potentially exceeding 10 trillion yuan ($1.4 trillion), aimed at boosting economic activity. 

Written by: Muhammad Hafiz