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Author Topic: WTI oil prices drop near $71 on worries about China's slump in oil demand  (Read 636 times)

Zygarde

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WTI crude futures fell more than 3 percent, near $71 today. Amid concerns about the Chinese economy and increasing oil production capacity of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus

As of 10:47 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in September. Trading on the NYMEX was down $2.80, or 3.78 percent, to $71.15 a barrel.

Investors are worried about the slowdown in the Chinese economy. Which is the country that uses the 2nd most oil in the world will affect oil demand.

China's manufacturing purchasing managers' index (PMI) fell to a 15-month low in July. Meanwhile, demand in the manufacturing sector declined for the first time in more than a year.

In addition, investors are worried about the oil market oversupply. From the OPEC Plus group's resolution to increase oil production per month by 400,000 barrels per day from August to December. Meanwhile, OPEC production surged in July, reaching its highest level since February last year.



 

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