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Optimism brought by the prospect of Beijing's £375 billion rescue package to the Chinese economy has been short-lived after oil prices fell to a 20-month low, it has been suggested.
Mark Pervan, senior commodities analyst at ANZ Bank, told Reuters: "The package Beijing announced was pretty well telegraphed and it's had a short-term impact, but bigger issues remain."
He added that it is "very clear" that things are slowing down rather than getting better.
Oil prices for December dropped over the weekend to $59.10 (£37.88) per barrel but recovered to $60.43 on Monday – a price still welcomed by average Joe drivers and home-heating oil customers.
News yesterday that Saudi Arabia had cut oil production for Asia by five per cent also did little to boost the market.
Beijing's pledge on Sunday to fund China's social welfare system as well as the country's infrastructure is evidence that the country is working towards supporting the global cause.
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