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Oil extends losses from weak industrial data

Oil prices continued losses yesterday over weaker-than-expected industrial data from big economies, raising global recession concerns.

International benchmark Brent crude was trading at USD99.14 per barrel at 9:47 a.m. local time (0647 GMT) for a 0.89 percent decrease after the previous session closed at USD100.03 a barrel.

American benchmark West Texas Intermediate (WTI) was at USD93.19 per barrel at the same time for a 0.74 percent loss after the previous session closed at USD93.89 a barrel.

The manufacturing industry Purchasing Managers Index (PMI) data released around the world echoed signs of recession.

The July Manufacturing PMI in the US hit 52.8 percent, a 0.2 percentage point decrease from June’s reading of 53 percent, the lowest Manufacturing PMI since June 2020 when it reached 52.4 percent.

This followed China’s Manufacturing Purchasing Manager’s Index (PMI) dropping to 49 from June’s 50.2, relative to the market expectation of 50.4.

Japan’s manufacturing activity in July was at the slowest rate in the last 10 months.

Traders are now keeping tabs on the meeting of the Organization of Petroleum Exporting Countries and its Allies (OPEC+) on Wednesday when the group will decide on their September output schedule.*PNA

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