Oil prices fall on weakening economic activity in China, US

Oil prices continued to decline on September 4 after falling more than 4% in the previous session, Report informs referring to Interfax.

By now the oil market has completely lost the growth recorded since the beginning of this year.

This is due, in particular, to signals of weakening economic activity in China and the US, MarketWatch reports.

The ISM Manufacturing Business Activity Index in the US rose to 47.2 points in August from 46.8 points in July, the Institute for Supply Management (ISM) reported.

The indicator remains below 50 points, which indicates a decline in activity.

The cost of November Brent futures on the London ICE Futures exchange was $73.36 per barrel, which is $0.39 (0.53%) lower than at the close of the previous trades.

WTI oil futures for October on the electronic trading floor of the New York Mercantile Exchange (NYMEX) fell in price by $0.43 (0.61%) to $69.91 per barrel.