Global oil prices fall 1%

Global oil prices on August 1 morning fell by more than 1%, investors are again unsure about the prospects for demand for raw materials after the release of Chinese macro statistics, they also expect an OPEC+ meeting, Report informs referring to the auction data.

The price of October futures for Brent crude fell by 1.01% to $102.92, and September futures for WTI fell in price by 1.33% to $97.31.

The Purchasing Managers’ Index (PMI) in the manufacturing sector of China, according to the business publication Caixin, fell in July to 50.4 points from June’s level of 51.7 points. These data make it possible to revise down the forecast for oil demand in this largest country market.

The situation in China will continue to cause fears for a further weakening in the consumption of commodities, experts say.

At the same time, traders continue to wait for the next meeting of OPEC+, which is scheduled for August 3. According to media reports, the alliance may discuss maintaining the current level or a slight increase in production.