On Monday, oil prices declined against the background of statistics from China, indicating an increase in the decline in activity in the country's industrial sector. According to the GSU, the purchasing managers' index (PMI) in the processing industry of the People's Republic of China fell to 49.1 points in August, compared with 49.4 points a month earlier. A reading below 50 points indicates a decline in the sector, and the industrial PMI has been below this level for the fourth month in a row. The current price of Brent oil is $77.15 per barrel. At the moment, the asset fell to $76.22. North American WTI crude is trading near $73.80 after a morning drop to $72.90 per barrel. Last week, Brent lost 0.3% in price, while WTI lost 1.7%. In August, the decrease was 2.4% and 5.6%, respectively. Signals of a slowdown in activity in China's industrial sector are reinforcing concerns about a decline in energy demand in the country, while OPEC+ countries are preparing for a partial waiver of voluntary production restrictions from October. The Alliance plans to increase production by 180 thousand barrels per day, and so far there is no evidence of a possible postponement of this decision. However, experts believe that the increase in production depends on the price, and this will most likely happen if the price of WTI approaches $80.
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