Oil prices fell in early September due to weak manufacturing data from China and speculation that OPEC might increase oil production.
Oil prices began the month of September with a drop in Asian trade, depressed by another weak reading of China ’s official manufacturing activity data and signals from OPEC that it could proceed with unwinding some of the production cuts in October, as planned. Early on Monday morning in Europe, oil prices were down by around 0.5%, with Brent Crude prices falling to $76.54, and the U.S. benchmark, WTI Crude, down by 0.4% to $73.24 per barrel.
The PMI data from the National Bureau of Statistics was also below analyst expectations and matched last year’s lowest level. New orders, including export orders, as well as employment, remained in contraction territory in August.
China Manufacturing PMI OPEC+ Production Cuts Economic Growth Crude Oil Demand Caixin PMI Economic Stimulus
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