- Jul 1, 2004
Oil prices tumble as demand dips amid weak manufacturing data from ChinaNicholas Earl - 4h ago
Biden had nothing to do with this. JUst like he wasn't to blame for oil prices going up. Far too many other worldwide factors involved to say any one person/company is responsible. All commodities are extremely volatile and subject to things like weather, major infections wars, labor strikes......
Oil prices dropped sharply across both major benchmarks, as weak manufacturing data from China and Europe weighed down demand.
© Provided by City AMOil prices tumble as demand dips amid weak manufacturing data from China
Brent Crude futures dipped below the $100 milestone, dropping 3.91 per cent to $99.90 per barrel, while WTI Crude tumbled 5.01 per cent to $93.68.
Factories across Asia and Europe struggled last month, as flagging global demand and China’s strict COVID-19 restrictions slowed production, surveys showed on Monday, adding to concerns about economies sliding into recession.
S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) for the euro zone fell to 49.8 in July from June’s 52.1, plummeting below the 50 mark separating growth from contraction for the first time since June 2020.
The Caixin/Markit PMI also eased to 50.4 in July from 51.7 the previous month, sharply below analyst expectations.