Oil demand outlook under pressure International oil prices fell significantly on August 1

As the US macroeconomic data put pressure on the oil demand outlook, the international crude oil futures price fell in the overnight market, continued to fluctuate lower in early trading on the 1st, and then consolidated in a narrow range, and the international oil price fell
significantly at the close.

By the close of the day, light crude futures for September delivery on the New York Mercantile Exchange fell $4.
73, or 4.
80%, to settle at $93.
89 a barrel; London Brent crude futures for October delivery fell $3.
94, or 3.
79%,
to settle at $100.
03 a barrel.

Manufacturing PMIs in major European and Asian economies continued to fall in July, raising concerns
about oil demand, data released on August 1.

The final data released by S&P Global on the 1st showed that the Eurozone manufacturing purchasing managers' index in July was 49.
8, down from 52.
1 in June and falling below
the boom and bust line.

Brian Swan, global commodities analyst at Schneider Electric, said that oil prices in New York are likely to test the previous low of around $93 a barrel again this week due to the emergence of selling
intentions.

Craig Erlam, senior market analyst at online foreign exchange trading platform OANDA, said that with the expiration of OPEC+'s previous production cut agreement, these oil producers have theoretically lifted the production cuts implemented after the outbreak, and attention will shift to how OPEC+ plans to meet existing production targets and whether the market will further raise the production ceiling
in the future.

According to a questionnaire survey conducted by Reuters, industry insiders lowered the average price of Brent crude oil futures this year to $105.
75 per barrel, and the average price forecast of New York crude oil futures was lowered to $
101.
28 per barrel.