Oil prices tanked today as weak manufacturing data from several countries (Bad PMI in China specifically) weighed on prices. Factories in the US Europe and Asia struggled in July as surveys showed production slowed. “There is still a disconnect with economic data and what we’re seeing on the supply side,” said Phil Flynn, an analyst at Price Futures group. “The oil market is still very tight, and the market is going to be on edge going into OPEC.” Investors are bracing for this week\u2019s OPEC meeting on Wednesday of this week. Most OPEC sources are saying output will be held steady but a couple thought a modest increase could be in the cards. While OPEC+ aimed to have fully unwound its record output cuts by this month, data showed the group as of June was still almost 3 million barrels per day short of its output target as some producing countries struggle to bring wells back online. WTI traded down $4.73 or -4.79% to close at $93.89. Brent traded down $3.81 or -3.66% to close at $100.16<\/p>\n\n\n\n
Oil prices tanked today as weak manufacturing data from several countries (Bad PMI in China specifically) weighed on prices. <\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n