The barrel of Brent crude for October delivery down 8.3% this Monday in the London futures market, amid fears of a drop in demand after the disclosure of worse-than-expected industrial data in China.
North March Brent oil, a benchmark in Europe, traded at $100.86 at 12 GMT, 8.32% less than at the close of Friday, when it reached $110.01, and later hovered around $102. Dollars.
The Purchasing Manager Index (PMI, a reference indicator for the sector) prepared by the British economic information company IHS Markit went from 51.7 points in June to 50.4 in July, below the 52 integers predicted by analysts, according to figures released today.
A slowdown in the Chinese economy, which has been constrained by the restrictions against covid, makes investors fear a drop in energy demand in the world’s largest consumer. The market is also awaiting the meeting of officials from the Organization of Petroleum Exporting Countries (OPEC) and its partners this Wednesday by videoconference, in which they will discuss September production.