Crude prices are recording slight increases with the beginning of the trading session of the European session today, Tuesday, August 3, as US crude (NYMEX) rises by about 0.18%, trading at levels of $71.39 a barrel, while Brent crude is trading at levels of $72.97 a barrel, an increase of about 0.11%.

Crude prices fell by more than 3% when they closed the opening session of the week yesterday, Monday, coinciding with the rising fears in the markets about the impact of the Corona virus outbreak on two of the largest oil consumers in the world (the United States of America and China), as reports showed a rise in highly contagious delta-type cases in China in 32 provinces, estimated at 14 injuries, in addition to the slowdown in the manufacturing sector in the United States of America and China.

The manufacturing PMI released by PMI in the world’s second largest economy (China) grew by 50.3 points in July, down from 51.3 in June (expectation of 51.1), marking the slowest pace of growth in 16 months.

On the other hand, the ISM Manufacturing Business Survey showed a growth less than market expectations in economic activity in the manufacturing sector in July, growing for the fourth consecutive month at 59.5, down by 1.1 compared to the June reading of 60.6 (expectations of 60.8).

Meanwhile, a Reuters survey showed that oil production from OPEC rose in July to its highest level since April of last year 2020, by 26.72 million barrels, an estimated increase of 610 thousand barrels.

The markets are awaiting the report of the American Petroleum Institute in the US session today, Tuesday, to release the US stockpile statement for last week in the preliminary reading before the official data from the US Energy Information Administration tomorrow, Wednesday.