Oil prices fell in the European market on Monday, extending its losses for the third consecutive day, after the release of weak economic data in China, which raised concerns about weak demand levels in the second largest oil consumer in the world.
American crude fell by 1.5% to the level of $ 66.89, from the opening level at $ 67.93, and recorded the highest level at $ 68.25, and Brent crude fell by 1.25% to the level of $ 69.14 a barrel, from the opening level at $ 70.00, and recorded the highest level at 70.42 $.
When settling Friday, US crude lost 1.4%, and Brent crude fell 1.3%, in the second consecutive daily loss, after the International Energy Agency warned of a slowdown in global demand for fuel due to the increasing cases of Corona virus.
The International Energy Agency has warned that the growth in demand for crude oil and its products has slowed sharply, after increasing cases of coronavirus infection in most parts of the world forced governments to revive lockdown restrictions.
The agency explained that demand growth fell more sharply during the second half of this year, and this was attributed to the new restrictions imposed in many of the most fuel consuming countries in the world, especially in Asia.
Chinese data showed on Monday that the growth of factory production and retail sales slowed sharply in July, after the new outbreak of the Corona virus, in conjunction with the floods that disrupted business activity.
Oil refining in China fell last month to the lowest level on a daily basis since May 2020, after independent refineries reduced production, after declining demand levels and withdrawals on fuel in the country.
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