China's Economic Concerns Drag Down Global Oil Prices to US$74.65 per Barrel

Economics & Macro

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Yosepha Pusparisa 02/08/2021 14:10 WIB

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Global oil prices weakened in trading on Monday, August 2, 2021, until 11:40 WIB. Brent crude traded at US$74.65/barrel, while WTI was priced at US$73.27/barrel.

Global Crude Oil Price (August 2, 2021, 11:40 WIB)

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China's Economic Concerns Drag Down Global Oil Prices to US$74.65 per Barrel

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Global Crude Oil Price (August 2, 2021, 11:40 WIB)

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Global oil prices weakened in trading on Monday, August 2, 2021, until 11:40 WIB. Brent crude oil was priced at US$74.65/barrel, down 0.64% from the previous trading day. West Texas Intermediate (WTI) crude oil was priced at US$73.27/barrel, down 0.61%.

Quoting Reuters, the oil price decline was due to concerns about the Chinese economy. A survey showed that factory activity grew at its slowest pace in 17 months. This is suspected to be due to rising raw material costs, equipment repairs, and extreme weather that exacerbated business activity. Concerns about a slowdown in the Chinese economy are increasing.

Concerns were also exacerbated by increased oil production (output) from OPEC (Organization of the Petroleum Exporting Countries) members. According to a Reuters survey, OPEC oil production increased in July, reaching its highest level since April 2021. This coincided with a reduction in production limits under the group's agreement with its allies and Saudi Arabia to eliminate supply cuts.

[Read: Global Oil Prices Weaken to US$73.03 per Barrel (Monday, July 26, 2021)]

Note:
The global oil prices on the graph have been updated to reflect the latest data.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."