Oil Tumbles, ‘Singles Day’ Shopping Slumps After China’s Disappointing Stimulus Plan

Worldwide oil prices dropped roughly two percent on Monday after a comparable fall on Friday, driven by investor disappointment with the Chinese government’s weak economic stimulus plan. Another bad sign for the Chinese economy was the disappointing “Single’s Day” online shopping holiday, which posted some of its lowest sales numbers since the event began in 2009. Price Futures Group senior analyst Phil Flynn told Reuters on Monday that the Veterans Day holiday in the United States, and the election of Donald Trump last week, could also be factors in reduced...