The oil market has completely lost the increase recorded from the beginning of this year. This is due to signs of slowing economic activity in China and the United States.
World oil prices continued to decline and reached new lows since December 2023. This was confirmed by trade data on Wednesday, September 4.
Thus, the value of November futures for Brent on the London ICE Futures exchange decreased by $0.92 (1.25%) to $72.83. On Tuesday, these contracts were down $3.77 (4.9%) at $73.75 a barrel, the lowest since December 12, 2023.
In turn, WTI oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) now fell in price by $0.96 (1.36%) to $69.38 per barrel. Following the results of the previous session, the value of these contracts fell by $3.21 (4.4%), to $70.34 per barrel, the lowest since December 13.
As mentioned Western agency, today the oil market has completely lost the increase recorded since the beginning of this year, associated, in particular, with signs of weakening economic activity in China and the United States.
The index of business activity in the US manufacturing sector (ISM Manufacturing) rose to 47.2 points in August from 46.8 points in July, the Institute for Supply Management (ISM) reported on Tuesday. The indicator still remains below 50 points, indicating a decline in activity.
Earlier in the day, oil prices began to fall sharply on news from China, the world’s largest importer of crude oil. This raises demand concerns among traders.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.