Oil is under pressure from falling demand … the interruption of American production is holding back losses

Oil prices fell Tuesday, extending the losses incurred in the previous session as a cut in crude oil selling prices in Asia raised concerns about slowing demand, but strong Chinese economic data and production outages in the US held back losses.

THE future on crude oil have collapsed Brent dollar at $ 71.22 a barrel by 1214 GMT, after falling 39 cents on Monday.

West Texas Intermediate crude for October delivery reached $ 68.53 a barrel, in decline of 76 cents, or 1.1%, from Friday’s close. There is no clearance price for Monday due to the Labor Day holiday in the United States.

“The cut in the selling price and the subsequent shock to disappointing US employment data released on Friday, which sent the dollar soaring yesterday, was enough to push price bulls down,” said Tamas Varga. of the oil brokerage firm BVM.

And the US economy added, it had the lowest number of jobs in seven months into August, as employment in the entertainment and hospitality sector faltered, in light of a new increase in infections from Covid-19, which puts demand in restaurants and hotels under pressure. .

But oil prices were supported by strong economic indicators in China and continuous supply disruptions due to Hurricane Ida.

Customs data revealed that Chinese crude oil imports increased 8% in August compared to a month ago as refineries resumed purchases following a series of new import allocations.

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