By Alex Lawler
LONDON (Reuters) -Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply.
Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production.
"These readings did nothing to mitigate the fears of recession," said Tamas Varga at oil broker PVM.
Brent crude was down $1.40, or 1.4%, to $98.63 a barrel by 0817 GMT, while U.S. West Texas Intermediate crude fell $1.00, or 1.1%, to $92.89.
Oil soared earlier in 2022, with Brent in March coming close to its all time high of $147 a barrel after Russia's invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.
"The upward momentum of oil prices has been gradually fading," analysts at Haitong Futures said. "Once the supply and demand situation shows any sign of further deterioration, oil is likely to lead the decline among commodities."
In focus this week is a meeting on Wednesday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to decide whether to increase output in September.
Two of eight OPEC+ sources told Reuters that a modest increase for September would be discussed, while the rest said producers are likely to hold output steady.
Also coming into view is the latest weekly reading on U.S. inventories. Analysts expect a decline in crude and gasoline stocks. This week's first report is due at 2030 GMT from the American Petroleum Institute. [EIA/S]
(Additional reporting by Muyu Xu; editing by Jason Neely)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app