Concerns about the economic situation in China led to a decrease in oil prices

02-08-2021

Studies of the economic situation in China have shown that the growth of manufacturing activity has slowed down significantly in recent years. The situation is aggravated by the increase in oil production by OPEC countries. Against the backdrop of such news, oil prices began to decline.

Thus, futures for Brent products lost more than 1.2% in price. The cost of this brand of oil at 18:00 U.S. time was $73.28. The price of WTI futures fell by 11.33%.

Brent oil price on August 2, 2021
Brent oil price on August 2, 2021

China occupied a leading position in the results of economic recovery among Asian countries. If this process continues to slow down, it could worsen the global outlook.

OPEC’s decision to increase oil production has previously led to lower prices in the energy market and continues to negatively affect quotes. Production volumes rose in July 2021 to the April highs of last year.

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