Oil prices hit their lowest level in 7 months

Yesterday, oil prices fell to their lowest levels since January, affected by the slowdown in employment growth in the United States, as well as Chinese economic data that increased pressure on prices for income. Brent crude $2.71, or 3.41%, to $76.81 each. barrel when they were settled, while contracts were declining.

Job growth in the United States weakened more than expected, and the unemployment rate rose to 4.3%, indicating a possible recession as China also saw a decline in manufacturing activity and weakness in manufacturing industries. Which reduced prices by more than three dollars per barrel.

The London stock exchange recorded a decline in Asian crude oil imports in July to their lowest level in two years, due to weak demand in China and India.

While a meeting of ministers from OPEC Plus countries left the current oil production policy unchanged, including the alliance’s intention to gradually reverse part of the production cuts starting in October, oil investors are also monitoring developments in the Middle East.