Azernews.Az

By Alimat Aliyeva

Oil prices fell on Monday on statistical data from China, which showed an increase in the decline in activity in the country's industrial sector, Azernews reports.

The purchasing managers' Index (PMI) in the processing industry of the People's Republic of China in August fell to 49.1 points compared with 49.4 points a month earlier, the index value below 50 points indicates a decline in activity in the sector. The industrial PMI has been below this level for the fourth month.

The price of November Brent futures on the London ICE Futures exchange was $76.33 per barrel, which is $ 0.6 (0.78%) lower than at the close of previous trading.

WTI crude futures for October on the electronic trading of the New York Mercantile Exchange (NYMEX) fell in price by $ 0.53 (0.72%) to $ 73.02 per barrel.

Last week, Brent fell by 0.3%, WTI - by 1.7%. In August, prices decreased by 2.4% and 5.6%, respectively, according to Dow Jones.

Signals of a decline in activity in the industrial sector of the People's Republic of China reinforce expectations of weakening energy demand in the country, while OPEC+ countries are preparing to partially abandon voluntary production restrictions from October.

According to Bloomberg, the countries of the alliance still intend to increase production by 180 thousand barrels per day from next month. At the moment, there is no evidence that this decision can be postponed, the agency's sources say.

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