Oil Prices Slip on Concerns of China Demand Growth and Potential Supply Boost
Oil prices saw a slight decrease on Monday, as worries about slowing demand growth from major oil importer China and a potential supply increase from top producers weighed on the market.
By 06:35 ET (10.35 GMT), futures for crude oil were down 0.1% at $73.45 a barrel, while the Brent crude contract dropped 0.1% to $76.81 a barrel.Â
China's Economic Uncertainty
A recent private sector survey showed that China's manufacturing activity grew in August, but concerns remain about future consumption as a separate report indicated a decline in manufacturing activity for the same month.
Despite recent disruptions in Libyan oil supply and tensions in the Middle East, both Brent and WTI have seen losses in the past week, reflecting worries about demand.
OPEC's Plans in Focus
Investors are keeping an eye on OPEC+ members' plans to increase oil output next month, with some expecting a boost in production despite lingering demand concerns.
While Libyan exports are currently halted, some oilfields have resumed production to meet domestic needs, adding to the supply outlook.
Analysts believe that OPEC+ may take advantage of supply disruptions to increase output, despite initial expectations of a delay in production hikes.
Â