• WTI depreciates due to deflation worries in China.
• Oil prices struggle due to uncertainty surrounding China's economic stimulus plans.
• The US expanded sanctions on Iran's petroleum and petrochemical sectors in response to an Iranian attack on Israel.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $74.10 per barrel during the Asian hours on Monday. WTI price has depreciated by more than 1% following the lower-than-expected September Consumer Price Index (CPI) data from China released on Sunday.

The National Bureau of Statistics of China reported that the country's monthly Consumer Price Index (CPI) remained unchanged at 0% in September, down from August's 0.4% increase. The annual inflation rate rose by 0.4%, falling short of the anticipated 0.6%. Additionally, the Producer Price Index (PPI) decreased by 2.8% year-on-year, a larger drop than the previous decline of 1.8% and exceeding expectations of a 2.5% decrease.

Crude oil prices received downward pressure also from the lack of clarity on Beijing's economic stimulus plans stoked fears about demand. However, the National People’s Congress expressed an optimistic outlook following a briefing from China’s Ministry of Finance (MoF) on Saturday. The ministry indicated that special bonds would be issued to support both bank recapitalization and efforts to stabilize the real estate sector but failed to give a figure.