8/2, 5:28 PM (Source: TeleTrader)
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Oil drops 3% on weak manufacturing data

Prices of oil futures declined over 3% on Monday after economic data releases from China and the United States showed that their respective manufacturing sector activity grew at a lower-than-expected pace in July.

In addition, the Delta coronavirus variant seemingly continued to affect the traders' sentiment concerning future oil demand in two of the world's largest economies, while the first of five monthly OPEC+ alliance's 400,000 barrels per day output hikes kicked in yesterday.

Brent for October deliveries was down 3.09%, going for $73.09 per barrel at 11:17 am ET, while West Texas Intermediate (WTI) for settlements in September decreased 3.60% to sell for $71.34 per barrel at 11:18 am ET.

Breaking the News / MS