Oil falls to $1.72 after weak Chinese manufacturing data

Oil falls to $1.72 after weak Chinese manufacturing data

The oil prices They fell on Monday as weak manufacturing data from China and Japan weighed on the demand outlook, while investors braced for this week’s meeting of officials from OPEC and other major oil producers on adjustments to the offer.

crude oil futures Brent They were down $1.36, or 1.31%, to $102.61 a barrel by 11:11 GMT. US crude West Texas Intermediate it was down $1.72, or 1.74%, to $96.9.

The new ones lockdowns due to covid-19 They dampened a brief recovery in factory activity in China, the world’s largest crude importer. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) fell to 50.4 in July from 51.7 the previous month, well below analysts’ expectations, according to data released on Monday.

Japanese manufacturing activity expanded in July at its weakest pace in 10 months, according to data released on Monday.

Brent and WTI closed July with their second monthly losses for the first time since 2020, as rising inflation and rising interest rates raise fears of a recession eroding fuel demand.

Analysts polled by Reuters lowered their forecast for average Brent prices in 2022 to $105.75 a barrel for the first time since April. His estimate for WTI fell to $101.28.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+they meet on Wednesday to decide the production for September.

Two of the eight OPEC+ sources who participated in a Reuters poll said a modest increase for September would be discussed at the meeting on August 3. The rest said production is likely to remain stable.

The group’s new secretary-general, Haitham al-Ghais, reiterated on Sunday that Russia’s membership in OPEC+ is vital to the success of the deal, the Kuwaiti daily Alrai reported.

Also influencing prices was the increase in Libyan oil production, which reached 1.2 million barrels per day (bpd), compared to 800,000 bpd on July 22, after the lifting of the blockade of several oil facilities.

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