Crude oil futures fell in Asian time after China's manufacturing Purchasing Managers Index (PMI) disappointed in July. Attention is also focused on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and “OPEC Plus,” which consists of non-member oil-producing countries such as Russia, which will be held on the 3rd.
 |
| crude oil |
North Sea Brent crude futures fell $1.19, or 1.1 percent, to $102.78 a barrel as of 0212 GMT (11:12 a.m. Japan time). US WTI crude futures fell $1.43, or 1.5%, to $97.19.
Caixin/Markit said on Thursday that China's manufacturing PMI fell to 50.4 in July from 51.7 in July, below market expectations of 51.5.
``The disappointing China manufacturing PMI was the main reason for the low oil prices,'' said Tina Teng, an analyst at CMC Markets.
“(PMI) showed a surprising contraction in economic activity, suggesting that the recovery from lockdowns may not be as positive as had been expected, weakening oil market demand outlook,” the analysis said. did.
Both were up more than $2 on the weekend of July 29 as risk sentiment improved. However, it fell for the first time since 2020 for the second straight month 2020 as fears of a recession led to lower demand for fuel amid high inflation and rising interest rates have risen.
0 Comments