Oil slumps 4% on concerns over demand and OPEC supply boost

A petrol station attendant prepares to refuel a car in Rome, Italy, on Jan 4, 2012. NEW YORK: Oil prices tumbled about 4 per cent on Monday as weak economic data from China and the United States, the world's top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply.

China's factory activity growth slipped sharply in July as demand contracted for the first time in more than a year, a survey showed on Monday. "China has been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline," said Edward Moya, senior analyst at OANDA.US manufacturing activity also showed signs of slowing. The pace of growth slowed for the second straight month as spending rotates back to services from goods and shortages of raw materials persist, according to data from the Institute for Supply Management .

Also weighing on prices, a Reuters survey found that oil output from the Organisation of the Petroleum Exporting Countries rose in July to its highest since April 2020.

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