Home Industry Oil drops at start of week as China data raises demand concerns West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July by Bloomberg August 1, 2022 Oil fell as the week’s trading kicked off, after poor Chinese economic data added to concerns that a global slowdown may sap demand. West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July in the first back-to-back monthly loss since late 2020. Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing’s preference for mobility curbs to tackle Covid-19. In Libya, meanwhile, crude output has rebounded after a series of disruptions that more than halved supply, according to the OPEC member’s oil minister. Production has returned to 1.2 million barrels a day, a level last seen in early April, Mohamed Oun said in a telephone interview. Oil has seen volatile trading in recent months as concerns about a slowdown hurt demand for commodities even as underlying signals pointed to still-tight physical conditions. Data last week showed the US economy shrank for a second quarter, while the Federal Rerserve hiked rates by 75 basis points. Read: US Federal Reserve hike leads GCC to follow, but rate paths diverge again Tags Crude Oil oil OPEC 0 Comments You might also like Oil prices fall but further escalation could see rates at $100 a barrel OPEC sees oil demand remaining robust into summer Brent settles above $90 for first time since October OPEC+ gets oil price to its sweet spot, the trick is keeping it there: Insight