The oil price Texas Intermediate (WTI) Opened this Monday with a drop of 5.21% and stood at $87.29 a barrel, due to concerns about demand in China, the world’s largest crude importer.
At 09:00 New York local time (13:02 GMT), WTI futures contracts for delivery in September were down $4.80 from the close of the previous session.
industrial production in China it advanced by 3.8% year-on-year in July, a figure lower than that of the previous month and also slightly below analysts’ expectations.
The Chinese National Statistics Office (ONE) also published today other indicators for the seventh month of the year, such as retail sales – a measure of the state of consumption, key to economic recovery -, which also gave a surprise on the negative side by increasing 2.7% year-on-year, less than the 3.1% in June and the 5% that analysts were forecasting.
In addition, oil supply could increase if Iran and the United States accept a European Union offer to revive the 2015 nuclear deal, which would remove sanctions on Iranian oil exports.
The Government of Iran affirmed this Monday that there has been progress in the negotiations to save the 2015 nuclear pact, but clarified that not all its demands have been “satisfied”.