Crude oil prices have fallen to their lowest levels in over a decade, down 0.4% for Brent and WTI, despite positive manufacturing news from China.
The Caixin/S&P Global Manufacturing PMI for August showed a growth reading of 50.4, indicating robust manufacturing activity even as export orders declined.
The ongoing Middle East conflict complicates the energy supply situation, contributing to the recent decline in oil prices amid rising concerns over global stability.
A final proposal for a ceasefire from President Biden is forthcoming, but its success appears uncertain as internal and external pressures mount on the Israeli government.
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