Oil futures on Monday start August on a softer note after weaker-than-expected data on activity in China and as traders assess OPEC production levels.
Oil futures on Monday kicked off August on a softer note after weak data on activity in China and as traders assessed a reading on output by the Organization of the Petroleum Exporting Countries, or OPEC.
In China, data released Saturday by the National Bureau of Statistics showed the country’s official purchasing managers index fell to 50.4 in July from 50.9 in June. Numbers above 50 indicate expansion. OPEC+ agreed last month to lift output by 400,000 barrels a day each month beginning in August until existing curbs are eliminated next year. A Reuters survey released Saturday found that OPEC members had boosted output in July by 610,000 barrels a day, to 26.72 million barrels a day.
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