A barrel of Brent crude for October delivery fell 8.3% on Monday in the London futures market, on fears of a drop in demand after the publication of worse-than-expected industrial data in China.
North Sea oil, a benchmark in Europe, stood at USD 100.86 at 1:00 p.m. (Lisbon time), a drop of 8.32% compared to the price recorded at the close of the market on Friday, when it reached $110.01.
The index referring to the evolution of the manufacturing industry in China fell to 50.4 points in July, compared to 51.7 points in June, according to data published today.
The slowdown in Chinese economic activity, which has been penalized by the restrictions adopted against Covid-19, Investors fear a drop in China’s energy demandone of the largest consumers worldwide.
The price of a barrel of Texas oil (WTI) also started to trade lower, falling 3.5% to $95.10.
The market is still waiting for the meeting of the Organization of the Petroleum Exporting Countries and its OPEC+ allies on Wednesday to discuss oil production in September.
Source: Observadora
