Middle East Turmoil Remains A Major Factor In Driving Oil Prices

Oil markets have kicked off the new week on the back foot, with oil prices sliding after a disappointing Chinese stimulus while traders continue to digest news of Trump winning a second term in the White House. Whereas China's top legislative body approved a $1.4T package to help local governments swap some of their mounting debts off their balance sheets, the lack of new fiscal stimulus for the lagging economy underwhelmed financial markets. According to SPI Asset Management's Stephen Innes, Beijing’s latest move "felt more like a quick…