(Bloomberg) -- Oil fell with Asian markets and other commodities after Chinese stimulus announcements disappointed and as traders continued to digest the implications of Donald Trump’s win.

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Brent dipped below $75 a barrel, while West Texas Intermediate slipped toward $71. China unveiled a plan to refinance local government debt and other measures to support a slowing economy that faces new risks from the reelection of Trump. Iron ore and copper extended losses after the news, as many investors expected bigger fiscal measures to support consumption.

A Trump presidency may be net bearish for crude prices on higher domestic production and tariffs that will weigh on the Chinese economy, according to Citigroup Inc. Standard Chartered Plc said US producers won’t necessarily heed Trump’s call for more drilling. The president-elect is also expected to clamp down on Iranian oil exports.

Despite a week of significant headlines, oil price swings have been generally more muted. Both Brent and WTI are heading for their narrowest weekly ranges since June and July, respectively, with prices for the global benchmark broadly glued to $75 a barrel.

That’s in part as traders await clarity on exactly what President Trump will do in his next term. But there’s also uncertainty around the outlook for next year, with OPEC+ delaying the group’s planned output hikes that were due to take place next month and the International Energy Agency forecasting oversupply next year.

The Federal Reserve cut interest rates by a quarter percentage point on Thursday in a widely expected move. Economists expect the US central bank may have to slow down the pace of easing due to the inflationary impact of Trump policies including tax cuts and trade tariffs.

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