Oil prices drop on demand concerns amid weak Chinese manufacturing data – The National

Oil prices drop on demand concerns amid weak Chinese manufacturing data – The National

Oil prices dropped on Monday on weak manufacturing data from China, the world’s largest importer of crude, as markets await the Opec+ meeting later this week on supply adjustments in a tight market.

Brent, the global benchmark for two-thirds of the world's oil, was trading 0.95 per cent lower at $102.98 a barrel at 9.03am UAE time on Monday. West Texas Intermediate, the gauge that tracks US crude, was down 1.28 per cent at $97.36 a barrel.

Manufacturing growth in China slowed in July as the government continues to implement its "zero covid” strategy to control the spread of the coronavirus pandemic.