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Oil increases losses due to poor industrial data.

Tuesday saw more declines in oil prices due to weaker-than-anticipated industrial data from major economies, which increased worries about a possible world recession.

At 9:47 a.m. local time (06:47 GMT), the price of international benchmark Brent crude was USD99.14 per barrel, down 0.89 percent from the previous session’s closing price of USD100.03 per barrel.

American benchmark West Texas Intermediate (WTI), which closed the previous session at USD93.89 per barrel, was trading at USD93.19 per barrel at the same time, down 0.74 percent.

The Purchasing Managers Index (PMI) data for the manufacturing sector, which was issued globally, confirmed the recessionary trend.

The US Manufacturing PMI for July dropped to 52.8 percent from June’s reading of 53 percent, marking the lowest reading for the indicator since June 2020, when it was 52.4 percent.

This came after China’s manufacturing Purchasing Manager’s Index (PMI), which was expected by the market to be 50.4, fell from June’s reading of 50.2 to 49.

The manufacturing sector in Japan experienced its slowest growth in the previous ten months in July.

The Organization of Petroleum Exporting Countries and its Allies (OPEC+) meeting on Wednesday, when the group will decide on their output schedule for September, is currently being watched closely by traders.

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