The price of fuel oil has decreased in the world market

International desk: The price of fuel oil has decreased in the world market. Analysts pointed out that oil prices fell due to lower production in factories in China and Japan last July. Meanwhile, investors are scheduled to meet with officials from the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers this week.

According to a report by Reuters, the meeting will discuss the adjustment of oil supply. According to the report, the price of Brent crude oil decreased by 0.8 percent to $103.15 per barrel, the price of West Texas Intermediate crude oil decreased by $1.18 or 1.2 percent to $97.44 per barrel.

Production in China, the world's largest crude oil importer, rose sharply in June. But due to the increase in corona infection in the country, a new lockdown was announced. This resulted in lower than expected production in July.

China's point in the Keishin/Markit Manufacturing Purchasing Managers' Index (PMI) last June was 51.7. But last month this point decreased to 50.4. According to the latest data on Monday, the expected points have fallen sharply.

On the other hand, Japan had the lowest output in July in the last 10 months. CMC Markets analyst Tina Teng said the first and main reason for the drop in oil prices today is the disappointing decline in China's production.

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