NEW YORK, Aug. 2 (Xinhua) -- Oil prices sank on Monday amid renewed concerns over demand outlook.
The West Texas Intermediate for September delivery lost 2.69 U.S. dollars, or 3.6 percent, to settle at 71.26 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 2.52 dollars, or 3.3 percent, to close at 72.89 dollars a barrel on the London ICE Futures Exchange.
Demand worries returned to the market following downbeat data and a resurgence in COVID-19 cases in some major economies.
The U.S. manufacturing sector saw slower growth in July, as companies and suppliers continue to struggle to meet increasing levels of demand, the Institute for Supply Management (ISM) reported Monday.
The Purchasing Managers' Index (PMI) stood at 59.5 percent, down 1.1 percentage points from the June reading. The reading fell short of market estimates. Any reading above 50 percent indicates the manufacturing sector is generally expanding.
Meanwhile, the United States registered over 100,000 daily COVID-19 cases on Friday, the highest record since early February this year. The new figure brought the seven-day average daily increase of cases to 72,493, also the highest since mid February.
For the week ending Friday, the U.S. crude benchmark rose 2.6 percent, while Brent climbed 3 percent. Enditem
