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MTECHTIPS :-NYMEX crude falls on weak China final July PMI

MTECHTIPS :-NYMEX crude falls on weak China final July PMI

Crude oil prices fell further in Asia on Monday after a disappointing manufacturing survey from China. On the New York Mercantile Exchange oil futures for September dipped 0.70% to $46.80 a barrel. The manufacturing PMIs from Japan, seen at 51.4 in July, came in at 51.2 and for China, the Caixin/Markit final for July dropped to 47.8, well below the 48.3 in the flash estimate. The Australian economy is highly dependent on exports to China. China is the world’s second largest energy user. Last week, crude oil futures fell sharply on Friday to cap the worst monthly performance since the 2008 global financial crisis as ongoing concerns over a glut in world markets continued to drive down prices. the ICE Futures Exchange in London, Brent for September delivery fell to a session low of $51.63 a barrel, a level not seen since January 30, before closing at $52.21, down $1.10, or 2.06%, for the day. For the week, London-traded Brent futures lost $2.24, or 4.41%, the fifth straight weekly decline. Prices tumbled $11.39, or 18.6%, in July, amid concerns a resumption of Iranian oil exports will add to a global glut. Iran and six world powers reached a long-awaited nuclear deal in July that would end sanctions on Tehran in exchange for curbs on the country’s disputed nuclear program. Iran reportedly hoards 30 million barrels of oil in its reserves ready for export.
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