Crude oil prices tumbled about $3 a barrel in overnight trading on Monday.
In conjunction with the start of the “OPEC+” alliance, an increase in production and the issuance of negative data about the Chinese industrial sector.
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By 18:10 (GMT), Brent crude contracts for October delivery fell $2.66, or 3.53 percent, to $72.75 a barrel.
And US West Texas Intermediate crude contracts for September delivery fell $2.84, or 3.84 percent, to $71.11 a barrel.
And on Monday, the “OPEC+” alliance, which includes 13 member states of the Organization of Petroleum Exporting Countries “OPEC+” led by Saudi Arabia and 10 producers from outside it led by Russia, began an increase in production by 400,000 barrels per day.
The increase comes within the framework of an agreement that provides for a gradual increase in production by two million barrels until December, with a monthly increase of 400,000 barrels per day.
The morale of crude traders declined due to the release of data showing a slowdown in manufacturing activities in China, the second-largest oil consumer in the world.
At a time, Beijing announced tightening measures to combat new surges of the Coronavirus.
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The increasing number of Coronavirus infections around the world raises fears of a decline in demand for oil after it witnessed a recovery in the first half of this year.
