Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $79.88 mark so far on Monday. Fears of a Chinese economic slowdown
rate hikes weigh on the black gold in the early Asian session. OPEC+ production cuts, on the other hand, continue to support the oil market.
Despite US sanctions, Iran's crude oil production is expected to reach 3.4 million barrels per day by the end of September, according to the country's oil minister. Furthermore, US authorities are working on a proposal to ease sanctions on Venezuela. If Venezuela moves closer to free and fair presidential elections, it will be able to export more oil.
Furthermore, the fear of China’s debt crisis and real-estate woes might drag WTI prices lower. Last week, the People's Bank of China slashed its Loan Prime Rate for one year by a smaller margin than anticipated. Investors will keep an eye on the Chinese Caixin Manufacturing PMI for August due on Friday. The concerns about China's deteriorating economic conditions should dampen market optimism and weigh on the WTI prices.
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