West TX Oil Below $47 on Weak China Data

U.S. crude futures slipped on Monday in Asian trading as unexpectedly slow Chinese factory growth in July raised demand concerns, while oil markets were also weighed down by OPEC’s record monthly output.

U.S. crude fell 29 cents to $46.83 a barrel as of 0005 GMT after settling down $1.40, or almost 3 percent, at $47.12 a barrel on the previous session.  Brent also lost 40 cents to $51.81 a barrel after it settled down $1.10, or 2 percent, at $52.21 a barrel.

Growth at China’s big manufacturing companies unexpectedly stalled in July as demand at home and abroad weakened, an official survey showed on Saturday, reinforcing views that the economy needs more stimulus as it faces fresh risks from a stock market slump.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.