London: Oil prices continued to decline during early Monday trading, as the risk of supply disruption due to an American storm receded, and after China’s stimulus plan disappointed investors seeking growth in fuel demand in the world’s second-largest oil consumer.

According to National Iraqi News Agency, by 03:55 GMT, Brent crude futures fell 27 cents, or 0.4%, to $73.60 a barrel, while West Texas Intermediate crude futures fell 34 cents, or 0.5%, to $70.04 a barrel. Both benchmarks fell more than 2% in Friday’s settlement.

“The stimulus package announced by Beijing at the meeting of the Standing Committee of the National People’s Congress on Friday was less than market expectations,” said Tony Sycamore, market analyst at IG. He added “Its vague future guidance suggests only modest stimulus for housing and consumption.”