{"id":45835,"date":"2024-09-20T23:07:28","date_gmt":"2024-09-20T23:07:28","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost"},"modified":"2024-09-20T23:35:08","modified_gmt":"2024-09-20T23:35:08","slug":"oil-down-amid-chinas-slowing-demand-opec-supply-boost","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost","title":{"rendered":"Oil down amid China’s slowing demand, OPEC+ supply boost"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices dropped on Friday amid growing concerns about an economic slowdown in key markets, China’s slowing demand and the potential for increased OPEC+ supply.<\/p>\n

International benchmark Brent crude fell by 0.45% to $74.54 per barrel at 10.59 a.m. local time (0759 GMT), down from the previous session’s close of $74.88.<\/p>\n

US benchmark West Texas Intermediate (WTI) dropped 0.45% to $70.84 per barrel after closing at $71.16 in the prior session.<\/p>\n

Both benchmarks experienced a price decline, largely influenced by signs of economic slowdown among major oil consumers.<\/p>\n

Market players are focused on cues about slowing demand in China, the world’s largest crude oil importer, coupled with expectations that the OPEC+ group will boost supply.<\/p>\n

In China, the world’s second-biggest oil consumer, ongoing economic concerns are dampening prices by undermining the demand outlook. Experts indicated that a cautious sentiment persists in Chinese markets, as lower-than-expected import data from the region’s key importer and exporter heightens fears of potential economic stagnation.<\/p>\n

China’s oil imports experienced their first annual decline since 2000, primarily due to a slowdown in domestic demand and a surge in electric vehicle sales, which is indicative of a weakening appetite for oil, according to analysts.<\/p>\n

Data reflecting challenges in the US economy have also exerted downward pressure on oil prices. Recent figures show that non-farm employment rose by 142,000 in August, yet the manufacturing sector has been in decline for the past seven months.<\/p>\n

Despite expectations of declining demand in the global market, ongoing concerns about major producers ramping up supply continue to impact prices.<\/p>\n

The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+, previously agreed to extend oil production cuts to November as crude oil and fuel prices continued to fall.<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices dropped on Friday amid growing concerns about an economic slowdown in key markets, China’s slowing demand and the potential for increased OPEC+ supply. International benchmark Brent crude fell by 0.45% to $74.54 per barrel at 10.59 a.m. local time (0759 GMT), down from the previous session’s close of $74.88. US […]<\/p>\n","protected":false},"author":84,"featured_media":45834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[2704,241,2764,3297,2825],"class_list":["post-45835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-brent","tag-mauritius","tag-oil-prices","tag-opec","tag-wti"],"yoast_head":"\nOil down amid China's slowing demand, OPEC+ supply boost - Mauritius<\/title>\n<meta name=\"description\" content=\"Oil prices dropped on Friday amid growing concerns about an economic slowdown in key markets, China's slowing demand and ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil down amid China's slowing demand, OPEC+ supply boost\" \/>\n<meta property=\"og:description\" content=\"Oil prices dropped on Friday amid growing concerns about an economic slowdown in key markets, China's slowing demand and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-20T23:07:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-20T23:35:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/09\/sm_1726858865.146214.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil down amid China’s slowing demand, OPEC+ supply boost\",\"datePublished\":\"2024-09-20T23:07:28+00:00\",\"dateModified\":\"2024-09-20T23:35:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\"},\"wordCount\":308,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/09\/sm_1726858865.146214.jpg\",\"keywords\":[\"Brent\",\"Mauritius\",\"oil prices\",\"OPEC\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-chinas-slowing-demand-opec-supply-boost\",\"name\":\"Oil down amid China's slowing demand, OPEC+ supply boost - 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