A barrel (159 liters) of North Sea Brent for delivery in October cost 103.06 US dollars (101.06 euros) in the morning. That was 91 cents less than on Friday. The price of a barrel of West Texas Intermediate (WTI) for September delivery fell $1.21 to $97.41. Oil prices were weighed down at the start of the week by weak economic data from China. At the weekend, the official purchasing managers’ index for industry fell below the growth limit of 50 points. On Monday, the corresponding indicator from the business magazine Caixin disappointed expectations. China is one of the largest oil consuming countries in the world.
Oil prices are still at a high level, but have recently struggled to find a direction. During the course of the day, prices usually fluctuate greatly, which is also due to major uncertainties. Supply has been tight for a long time because of the Ukraine war, while demand is being weighed down by fears of a recession.
Source: Nachrichten
