Oil prices down, Brent above $103

Oil drilling rigs

Oil prices tumbled today, Aug.1, amid fears that the global economic slowdown may weaken demand for crude, while markets await the OPEC meeting later this week.

Brent crude futures for October delivery fell 0.61% to $103.33 a barrel at 09:15 am GMT.

US crude futures for September delivery also decreased 0.96% to $97.66 per barrel, after shedding nearly 7% in July in the first consecutive monthly loss since late 2020.

The Caixin China General Manufacturing PMI, which was released earlier today, declined to 50.4 in July from June's 13-month high of 51.7, as Japanese manufacturing activity continue to expand at its weakest pace in 10 months in July, bolstering fears of an economic slowdown in these countries and weakening oil demand.

Investors are anticipating this week the OPEC and its allies to hold a meeting on Wednesday, Aug .3, in order to decide on September’s volume of oil production. The group is set to discuss whether to make a modest rise in production or to keep the production volume steady, Reuters reported, citing sources in the know.