WASHINGTON (dpa-AFX) - Oil prices fell sharply on Monday amid demand worries after the latest manufacturing surveys showed weakening factory activity in Asia and Europe.
Investors also braced for this week's OPEC+ meeting, in which the group will consider keeping output unchanged for September.
Brent crude futures for October delivery fell 1.4 percent to $102.54 a barrel, while WTI crude futures for September settlement were down 2 percent at $96.60.
Asian manufacturing output continued to weaken in July amid lingering supply-chain complications and a slowing global economy, a slew of surveys showed earlier in the day.
China's factory activity contracted unexpectedly in July, the National Bureau of Statistics said Sunday, with the corresponding PMI falling to 49 from 50.2 in June as a result of fresh COVID-19 outbreaks.
The non-manufacturing gauge, which measures activity in the construction and services sectors, dropped to 53.8 from 54.7, and overall property loans rose at the slowest rate on record as of the end of June - raising concerns over slowing crude demand in the world's largest importer.
Elsewhere, factory activity across the euro zone contracted in July and German retail sales logged an annual decline of 8.8 percent in June, the biggest fall since the beginning of time series in 1994, adding to concerns the bloc could fall into a recession.
The OPEC+ is set to meet on August 3 to consider crude output level. According to reports, the group is likely to keep its output unchanged in September, despite calls from the United States for more supply.
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