Business news live: Oil prices slide on worries over China economy, higher crude output

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Oil prices slide on worries over China economy, higher crude output

Oil prices fell by more than $1 on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from Organisation of the Petroleum Exporting Countries (OPEC) producers, Reuters reported.

Brent crude oil futures fell 1.5%, to $74.29 a barrel, while U.S. West Texas Intermediate crude futures dropped 1.3%, to $72.98 a barrel.

Also weighing on prices, a survey found that oil output from the OPEC rose in July to its highest since April 2020, as the group further eased production curbs under a pact with its allies while top exporter Saudi Arabia phased out a voluntary supply cut, the report noted.

Benchmark Indian indices open higher

Indian indices opened higher on Monday. BSE Sensex opened at 52,901.28, up 314.44 points, while Nifty opened at 15,874.90, up 111.85 points.

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