Futures for the West Texas Intermediate (WTI) crude slid on Monday, ending the longest rising streak since February after a survey showed that China’s manufacturing eased in August, while the oil production within the Organization of Petroleum Exporting Countries (OPEC) was seen rising to the highest level in a year.
The North American West Texas Intermediate (WTI) for October delivery fell 0.38% lower to $95.60 a barrel on the New York Mercantile Exchange at the time of writing.
While Futures for the European benchmark Brent crude for October settlement traded 0.23% lower to $102.95 on London’s ICE Futures Europe exchange.
Meanwhile, data from the US Commodity Futures Trading Commission showed that money managers increased net-long position on WTI by 0.6% in the week ending August 26.
China
The Chinese manufacturing sector was seen expanding at a slower pace in August, as the government’s Purchasing Managers Index came in at 51.1, compared to analysts’ estimates of 51.2. Oil traders continue to monitor the country’s manufacturing sector, as China is the world’s second biggest crude consumer.
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OPEC
The Organization of Petroleum Exporting Countries increased its crude output by 891,000 barrels a day to 31 million in august, according to a Bloomberg survey.
In Iraq, OPEC’s second-largest producer, the nation boosted crude output by 90,000 barrels a day to 3.09 million in August, a survey shows. The advance of Islamic State, a militant group, has spared the Iraq’s southern region, home to almost three-quarters of nation’s production.
Ukraine
In Ukraine, the conflict continues as pro-Russia rebels attached two-coast-guard vessels after European Union leaders agreed to impose new sanctions on Russia, the world’s biggest energy exporter, if the crisis continues.
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