Crude Oil: Brent decreased 6.32% to 103.143 USD/Bbl, amid mounting risks of a global recession due to aggressive monetary tightening.
In China, official data released over the weekend showed that factory activity unexpectedly shrank in July, amid sporadic lockdowns following a resurgence of COVID-19 cases in several Chinese cities.
Meantime, China’s leadership last week signaled no big stimulus for the economy was on the way and kept the strict zero-COVID policy.
Turning to the US, the latest data showed the economy shrank for the 2nd straight quarter, technically entering a recession.
Meantime, OPEC+ will meet later this week to decide on September output quotas for the 23 nations in the group.
Reports so far indicate that the cartel will likely leave production as it is or raise it just slightly for September.