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Oil prices slip, rebound runs out of steam on demand worries

Oil prices slip, rebound runs out of steam on demand worries

8/3/2021 9:35:00 AM

Oil prices slip, rebound runs out of steam on demand worries

Cru de oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment.

Both markets dropped more than 3% on Monday.ANZ analysts in a note highlighted resurgent economic risks to major oil consumer China from the coronavirus pandemic. "Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces. This could see further mobility restrictions introduced," ANZ analysts wrote.

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They also flagged slowing manufacturing activity as a key concern, to both China and the United States."China's economic activity continued to ease in July, with the official Manufacturing Purchasing Managers Index falling to 50.4 from 50.9 in June," ANZ said.

"Manufacturing activity also slowed in the U.S., with the ISM index falling to 59.5" - the lowest reading since January - from 60.6 in moreMeanwhile, Iran will respond promptly to any threat against its security, the foreign ministry said on Monday, after the United States, Israel and Britain blamed Tehran for an attack on an Israeli-managed tanker off the coast of Oman. L1N2P90M5

Elsewhere, U.S. crude and product inventories likely declined last week with both distillates and gasoline stockpiles predicted to have fallen for a third straight week, a preliminary Reuters poll showed on Monday.Reporting by Naveen Thukral; Editing by Kenneth Maxwell and Jacqueline Wong

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Pelosi sets Thursday vote on infrastructure, eyes smaller social spending bill

U.S. House of Representatives Speaker Nancy Pelosi on Sunday set a vote on the $1 trillion bipartisan infrastructure bill for Thursday and voiced confidence it would pass.

Nice wow

Oil prices fall on worries over China economy and higher crude outputOil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. hp rep

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Oil futures end more than 3% lower to kick off AugustOil futures slumped Monday, kicking off August on a down note as investors weighed weaker-than-expected, survey-based readings on economic activity in China...

Tension between UK and Iran rises after oil tanker attackThe attack on the Mercer Street is the first known fatal strike on commercial shipping in the region after years of tensions over the tattered nuclear deal between western nations and Iran. Iran may down another one of its civilian airline planes in retaliation.

Oil prices fall after weaker China activity readingOil futures on Monday start August on a softer note after weaker-than-expected data on activity in China and as traders assess OPEC production levels.

Iran denies launching oil tanker attack that killed 2DUBAI, United Arab Emirates (AP) — Iran denied Sunday it launched the drone attack on an oil tanker off the coast of Oman that killed two people, even as Israel alleges Tehran carried out the assault amid heightened tensions in the region. Well then who else would be stupid enough to launch a drone attack on an oil tanker? gotta beat that iran war drum. murica needs that oil money bad rn wow so I guess they really didn't do it then