09:14 AM EST, 11/08/2024 (MT Newswires) -- Oil prices weakened early on Friday after fresh economic stimulus measures from China failed to impress as demand worries continue.

West Texas Intermediate crude oil for December delivery was last seen down US$1.24 to US$71.12 per barrel, while January Brent crude for January delivery, the global benchmark, was down US$1.09 to US$74.54.

China unveiled additional stimulus measures as the No.1 oil importer looks to revive an economy weighted down by a debt crisis in its real-estate sector, weak consumer spending and rising unemployment. The Financial Times reported the country will spend $1.4 trillion to ease the debts of local governments, allowing them to focus on development and welfare initiatives.

The stimulus plan is the country's largest since the pandemic as it looks to support its economy ahead of Donald Trump's inauguration as U.S. president. Trump has promised to impose a 60% tariff on imports from the country, threatening its key manufacturing sector.

"A 60% tariff will cause extraordinary harm to China's one-trick-pony of manufacturing and exporting its way beyond economical trouble. Indeed, economists estimate that such stringent barriers would cost China 2-points value in GDP and require massive stimulus to the tune of many hundreds of billions of dollars to offset," PVM Oil Associates noted.

China's oil imports dropped for a sixth-straight month in October, adding to demand concerns as U.S. inventories rise even as OPEC+ plans to return 2.2-million barrels per day of production cuts to market beginning in January, with monthly additions of 180,000 barrels per day for a year.