China’s factory activity growth slipped sharply in July as demand contracted for the first time in more than a year
Picture: GETTY IMAGES/CHRISTOPHER FURLONGOil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from Opec producers.
US West Texas Intermediate crude futures dropped 88c, or 1.2%, to $73.07 after slipping to a session low of $72.77. Also weighing on prices, a Reuters survey found that oil output from oil cartel Opec rose in July to its highest since April 2020.
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