New York– The price of Texas Intermediate Oil (WTI) opened this Monday with a decline of 1.65%, to 86.45 dollars, after the publication of new economic data in China that point to a contraction in demand and an increase in prices. covid-19 cases. At 09:00 New York local time (13:00 GMT), WTI futures contracts for delivery in December were down $1.45 from the previous close.
China’s manufacturing industry returned to the contraction zone in October and non-manufacturing, which measures activity in sectors such as construction or services, entered contraction for the first time in the last five months, according to the index. purchasing manager (PMI, benchmark indicator for the sector) published yesterday by the National Statistics Office (ONE).
Some data that disappointed analysts, who expected that the manufacturing industry would remain stable.
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Zichun Huang, an analyst at the consulting firm Capital Economics, highlighted the weakness in demand -including from abroad- and in the labor market.
The expert considers that the data “points to an even greater loss of inertia this month due to the worsening of the disruptions related to the (covid) virus and that export orders continue to be under pressure” in the context of the incipient economic recession. Worldwide.
To this is added the increase in infections by covid, which raises fears of the imposition of new restrictions.