Oil prices are falling as Chinese data raises new fears about raw materials

In the New York Stock Exchange, barrels fell from $ 66.42 to $ 2.02, or 3%. October Brent Raw

At ICE Futures Europe, barrels fell by $ 68.80, down from $ 1.79, or 2.5%.

China’s July data shows that retail sales and industrial production are in line with the January-July fixed asset investment scale. Meanwhile, the Taliban have seized control of Kabul and the fall of the Afghan government has contributed to a weak voice in financial markets, but low prices have not increased.

“The fall in Afghanistan has attracted a lot of attention recently, but there has been no visible market impact,” MRI’s senior investment analyst Marios Hadkikriakos said in a statement.

Oil prices have fallen sharply on Monday, with disruptions in supplies overshadowing Afghanistan’s instability, analysts say.

According to Comszbank analyst Custon Fritish, crude oil production in July has dropped to 59.06 million tonnes or 13.9 million barrels a day, according to China figures. That was 0.9% year-on-year, the first such reading since March 2020.

He said the refineries were producing 14.8 million barrels a day in June, but that the minimum number of barrels per month should slow down.

A.D. In the first seven months of 2021, Chinese refineries said they produced 9% more crude oil than at the same time a year ago.

“Some refineries have announced that they could even reduce their results, citing the expansion of the Delta alternatives in August,” Frisch said.

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