Oil prices fell today as weak manufacturing data from China and Japan in July weighed on the outlook for demand as investors braced for a meeting this week of OPEC officials and other top producers for any possible adjustments to the offer.
Brent was down 82 cents, or 0.8%, at $103.15, while West Texas Intermediate was at $97.44 a barrel, down $1.18, or 1.2%.
New coronavirus lockdowns have dented a brief recovery seen in June in manufacturing activity in China, the world’s biggest oil importer.
China’s PMI fell to 50.4 in July from 51.7 the previous month, well below analysts’ estimates.
Japan’s manufacturing activity expanded at its slowest pace in 10 months in July.
“China’s disappointing PMI data is the main driver of pressure on oil prices today,” analysts at CMC Markets said.
Brent and wti ended July with a second straight monthly decline, the first since 2020, as rising inflation and higher interest rates fueled fears that a recession would hit oil demand.
Source: Capital
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