COMMODITY
Crude oil futures end deeply in red on rising concerns about outlook for energy demand
Aug-03-2021

Crude oil futures ended deeply in red on Monday on rising concerns about the outlook for energy demand after disappointing data on activity in China and the US, worries about the spread of the delta variant of the coronavirus that causes COVID-19 and rising output by OPEC+ producers. In China, data released 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. Meanwhile, the US had a one-day tally of more than 100,000 new COVID-19 cases on Friday, according to Centers for Disease Control and Prevention data, the highest single-day reading since February. Most of new cases are in people who are not vaccinated, prompting public health experts to again push for more of that group to get their shots.

Crude oil futures for September fell $2.69 or 3.6 percent to settle $71.26 barrel on the New York Mercantile Exchange. October Brent crude dropped $2.52 or 3.3 percent to settle at $72.89 a barrel on London's Intercontinental Exchange.

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