China Pressure is Felt in Oil

All attention in oil turned to the OPEC+ meeting. Weak data from China put downward pressure on oil prices on the first trading day of the week.

Oil started the week by losing a premium as weak Chinese data raised concerns that weak Chinese data could reduce demand. US crude oil hit the $ 97 level on the first trading day of the week after falling almost 7 percent in July. Brent oil remained below 103 dollars. Weekend data pointed to a surprise contraction in Chinese factory activity, recording the cost of Beijing's preference for Covid-19 restrictions. "The fall in China's manufacturing PMI was probably at the heart of the fall in oil prices," said Vivek Dhar, Director of Mining and Energy Commodities Research at Commonwealth Bank of Australia. Vivek Dhar added that the situation in China will revive concerns that global commodity consumption will continue to weaken. OPEC+ Meeting to be Held on Wednesday The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, formed by the countries acting together, will consider keeping oil supply constant for September despite the US demand for more supply at their meeting this week. In the oil markets, it is estimated that a limited production increase decision may come out of the OPEC+ meeting. At last month's meeting, OPEC+ decided to keep their previously announced production increase targets of 648 thousand barrels per day for July and August unchanged.

---

You may also be interested in this:

Oil Suffered Another Monthly Loss in July For the oil market, the fear of OPEC is bigger than the fear of a US recession. US crude rose above $100 a barrel for the first time since July 20, joining Brent, which has hovered above triple digits almost all this week, amid concerns about what the global oil production alliance OPEC+ might do about production quotas at its August meeting next week. https://ieconomy.io/petrol-temmuz-ayinda-bir-aylik-kayip-daha-yasadi/