New York, Aug 15 The price of Texas Intermediate Oil (WTI) opened this Monday with a drop of 5.21% and stood at 87.29 dollars a barrel, due to concerns about demand in China, the world’s largest importer of crude oil.
At 0900 New York local time (1302 GMT), WTI futures contracts for delivery in September were down $4.80 from the previous session’s close.
Industrial production in China increased by 3.8% year-on-year in July, a figure lower than that of the previous month and also significantly below analysts’ expectations.
The Chinese National Statistics Office (ONE) also published today other indicators for the seventh month of the year, such as retail sales – a measure of the state of consumption, key to economic recovery -, which also surprised on the negative side by increasing 2.7% year-on-year, less than the 3.1% in June and the 5% that analysts were forecasting.
In addition, oil supply could increase if Iran and the United States accept a European Union offer to revive the 2015 nuclear deal, which would remove sanctions on Iranian oil exports.
The Government of Iran affirmed this Monday that there has been progress in the negotiations to save the 2015 nuclear pact, but clarified that not all its demands have been “satisfied”. EFE