Oil Prices Drop 3% as Global Economies Struggle

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Oil Prices Drop 3% as Global Economies Struggle

US benchmark oil prices are starting the week in a bearish mood, dropping 3% to $95.68 a barrel as weak manufacturing and other economic data around the world highlights investors’ concerns about weakening demand heading into the fall. “Crude oil prices are lower on weak China and European PMI Mfg. activity,” says Spartan Capital’s Peter Cardillo in a research note. “In fact, both China and the E Z factory’s activity contracted.” The data follows last week’s US GDP report showing the world’s largest economy shrank for a second straight quarter. For this week, oil markets will focus on a monthly OPEC-plus meeting Wednesday regarding production levels.