Both international and U.S.-based crude oil benchmarks traded lower on Monday after clinching their second straight monthly loss in July/
Both international and U.S.-based crude oil benchmarks traded lower on Monday after clinching their second straight monthly loss in July as recession fears have weighed on commodity prices.
Price actionMarket drivers Oil traders are focused on the upcoming meeting of the Organization of Petroleum Exporting Countries and its allies — a group colloquially known as OPEC+. The meeting is set for Wednesday. Why... Both international and U.S.-based crude oil benchmarks traded lower on Monday after clinching their second straight monthly loss in July as recession fears have weighed on commodity prices.
Price action Market drivers Oil traders are focused on the upcoming meeting of the Organization of Petroleum Exporting Countries and its allies — a group colloquially known as OPEC+. The meeting is set for Wednesday.
Disappointing economic data out of China and other Asian economies also weighed on oil prices by undercutting hopes for a rebound. The Markit-Caixin purchasing managers index, a monthly indicator of business conditions in China’s manufacturing sector, came in weaker than expected late Sunday — coming in at 50.4, compared with the 51.5 consensus estimate according to FactSet data.
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