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Market Update: Crude Oil is down by 2%
WTI crude futures declined almost 1.5% to below $73 a barrel on Monday, dragged down by concerns over a slowdown in Chinas economy, the worlds second largest oil consumer. A private survey showed factory activity in China slipped sharply in July, as demand contracted for the first time in more than a year. Exacerbating worries, a Reuters survey found that oil output from the OPEC rose in July to its highest since April 2020, while Saudi Arabia phased out a voluntary supply cut. On the coronavirus front, Dr Anthony Fauci said the US is not heading back to lockdown despite the surge in cases drive by Delta variant. Last week, oil gained around 2%, amid a fall in US crude stocks, with the EIA report showing crude oil inventories fell by 4.089 million barrels to the lowest since January 2020 in the latest week. [/s2If]
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