Oil prices fell in the European market on Monday, with US crude giving up its highest level in two weeks, and Brent crude continuing its losses for the second day in a row, under pressure from concerns about weak demand in China, after disappointing data on industrial activity in the largest oil importer in the world, in addition to a rise OPEC production in July.
Oil prices fall under pressure from Chinese demand concerns
US crude fell about 1.2% to the level of $ 72.80, from the opening level at $ 73.66, and recorded the highest level at $ 73.89, and Brent crude fell by 1.5% to the level of $ 74.13 a barrel, from the opening level at $ 75.22, and recorded the highest level at 75.34 $.
Upon settlement on Friday, US crude gained 0.4%, the third consecutive daily gain, recording a two-week high of $74.21 a barrel, in contrast, Brent crude fell by more than 0.9%, the first loss in the last three days.
On the level of trading last week, international oil prices rose by an average of 1.75%, in the second consecutive weekly gain, thanks to the easing of fears of oversupply in the United States.
In China, data showed, Chinese factory activity expanded in July at the slowest pace in nearly a year and a half, due to rising costs of raw materials, equipment maintenance and harsh weather conditions.
These renewed concerns about the demand for fuel in the world's largest oil importer, especially after crude imports actually fell during June to the lowest level in almost a year.
A Reuters survey showed that oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its highest level since April 2020, after the decision to ease production restrictions under the “OPEC Plus” alliance agreement, and after Saudi Arabia gradually canceled its voluntary cut. in its oil production.
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