Oil prices decline to two-week lows on global demand concerns

Oil prices skidded in European trade to two-week lows, sharpening losses for the second straight day on concerns about weakening global demand on fuel, especially in the US and China.

Conversely, global oil production is surging to one-month highs with more expected output upcoming. 

Global Prices

US crude fell 5.5% to $92.91 a barrel, the lowest since July 14, while Brent shed 4.3% to $99.29 a barrel, the lowest since July 15. 

Brent tumbled 3.75% on Friday amid concerns about the US and global economy. 

Global Demand

A spate of negative US and Chinese data is casting shadows on global oil demand this year.

The US officially entered recession in the first half of the year, while China's manufacturing PMI fell to 50.4 in July from 51.7 in June. 

US output

Official US data showed US output rose by 200 thousand bpd to a total of 12.1 million barrels, a month-high. 

This is the highest US oil output since April 2020.