Oil prices fall

Global oil prices showed weak dynamics on July 3 morning against the backdrop of multidirectional underlying factors,  reported from the auction data.

The price of September futures for Brent crude fell by 0.09% to $75.34 per barrel, August futures for WTI decreased in price by 0.11% to $70.56.

Investors are assessing the supply outlook amid OPEC+ efforts to reduce production, as well as demand forecasts amid tightening monetary policy by global central banks, which increases the risks of a recession.

At the same time, bidders pay attention to macro statistics from China, one of the largest consumers and importers of oil. The PMI in the manufacturing sector of China, according to the business publishing house Caixin, fell to 50.5 points in June from up to 50.9 points a month earlier. On the one hand, the indicator fell, but it turned out to be better than the forecast of 50.2 points.





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