Oil declines as lower-than-estimated China figures causes request decline
(MENAFN) Oil prices dropped on Monday due to slower request indications in the world’s second-biggest oil purchaser, China, whereas Saudi oil firm Aramco stated that it could surge output because of increased demand estimations.
International main Brent crude exchanged at USD97.14 a barrel at 09.58 AM regional time (0658 GMT) for a 1.02 percent decline from the ending price of USD98.15 per barrel in the prior exchange session.
American main West Texas Intermediate (WTI) stood at USD91.19 a barrel at the same time for a 0.97 percent fall after the prior session ended at USD92.09 per barrel.
Statistics from the National Bureau of Statistics (NBS) indicated that day-to-day crude oil amount in July of the world's second-biggest economy, China, declined to its worst amount since March two years ago.
Motioning weaker request, China’s crude amount fell by 8.8 percent to 53.21 million tonnes, or 12.53 million barrels a day in comparison with the same month last year.
China also witnessed weaker-than-estimated industrial output and retail sales expansion, indicating the zero-COVID policy is weakening consumer request.
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