The prices of stocks and commodities fell again on Tuesday as the reason for this became new weak economic data of China. Asian markets, especially those in Japan, lost part of the gains from the previous several sessions after the PMI index showed a deterioration in the service sector and manufacturing in the second largest economy in the world.
However, raw materials were also hit by the bad news from China, as LME copper fell 1.3% to 5087 dollars per ton, and nickel decreased by 2%. Other industrial metals such as aluminum and tin also reported a decline. As the biggest loser, however, seems to be oil, whose price fell by over 3% to 52.05 dollars per barrel for Brent crude and by 4.7% to 46.8 dollars for US light crude.
Three previous sessions, oil managed to erase accumulated losses for the last month, after OPEC signaled that it may take a contraction of future production and the US lowered its estimates for yield. Only on Monday, the price rose by 8.8% after the US government agency Energy EIA changed its methodology for evaluation of production in the country. As a result, official data mining in the first five months of the year were reduced by 13.2 million. Barrels.