China's Economic Woes Weigh On Oil Prices Once Again

After climbing by 13% in July, oil prices were dragged lower on the first day of August by further disappointing economic data out of China. Chart of the Week- Boosting the effect of Saudi Arabia’s production cuts, oil production in Canada’s crude heartland Alberta fell to the lowest since June 2016 as producers doubled down on field maintenance.- According to AER data, Alberta’s oil output dropped 21% year-on-year to 2.71 million b/d as oil sands mines, usually undergoing field maintenance in the summer, posted the highest…