Al-Marsad Newspaper – Agencies: Oil prices fell, about four percent, on Monday, affected by weak data for the manufacturing sector in a few countries on demand expectations.
Oil prices fell as investors prepared for a meeting of “OPEC” and its allies among crude producers on supplies, this week.
Brent crude contracts ended the trading session as low as $3.94, or 3.8 percent, to settle at $100.03 a barrel, after falling at the lowest level in the session to $99.09.
US West Texas Intermediate crude contracts closed down $4.73, or 4.8 percent, to $93.89 a barrel, after recording during the session a much lower level at $92.42.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, who together make up what is known as the “OPEC +” alliance, meet on Wednesday to decide production levels for the month of September.
Two of eight OPEC+ sources surveyed by Archyde.com said that a modest production increase for September would be discussed at the August 3 meeting.