The price of fuel oil has decreased in the world market

Oil prices fell in the global market after the release of information about production cuts in China and Japan. Meanwhile, investors will sit down with the officials of the Organization of the Petroleum Exporting Countries and other top crude oil producing countries this week to adjust the oil supply.

Photo: Collected

Trade Desk

Read in 1 minute

This information is known according to the report published by the international news agency Reuters.

The price of Brent crude futures in the world market decreased by 1.42 dollars or 1.4 percent to 102.55 dollars per barrel. In addition, the price of US West Texas Intermediate crude fell by 1.85 dollars or 1.9 percent to 96.77 dollars.

Read more: Big rise in the stock market

Production in China, the world's largest crude oil importer, rose last June. However, due to the lockdown due to Covid-19, the production in July was not as expected. China's June Keixing/Markit Manufacturing Managers' Index (PMI) score was 51.7 percent. But in July, China's score on this index dropped to 50.4 points. Analysts consider that to be much lower than the expected point.

Meanwhile, the data released on Monday (August 1) says that July production has been the lowest in 10 months.

Investors will sit down with officials from the Organization of the Petroleum Exporting Countries (OPEC) and other top crude producers this week to discuss oil supply adjustments.