• analysiswatch

Title: Oil prices fall on worries over China economy and higher crude output

Aug 02, 2021 03:05AM ET

By: AnalysisWatch

Oil charges fell on Monday on concerns over China's financial system after a survey confirmed boom in manufacturing facility pastime slipped sharply in the world's second-biggest oil consumer, with issues compounded with the aid of using a upward push in oil output from OPEC producers.

Brent crude oil futures slid with the aid of using 74 cents, or 1%, to $74.67 a barrel with the aid of using 0653 GMT, after losing to a low of $74.10 in advance in the day.

U.S. West Texas Intermediate (WTI) crude futures dropped 70 cents, or 1%, to $73.25 a barrel after slipping to a consultation low of $72.77.

China's manufacturing facility pastime boom slipped sharply in July as call for shriveled for the primary time in greater than a year, in component on excessive product charges, an enterprise survey confirmed on Monday, underscoring demanding situations dealing with the world's production hub.

The weaker outcomes in the personal survey, usually protecting export-orientated and small manufacturers, widely aligned with the ones in an legit survey launched on Saturday that confirmed pastime developing on the slowest tempo in 17 months.

Also weighing on charges, a Reuter’s survey observed that oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its maximum given that April 2020, because the organization in addition eased manufacturing curbs below a percent with its allies at the same time as pinnacle exporter Saudi Arabia phased out a voluntary deliver cut.

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