Factories squeezed by higher prices, weak customer demand
OPEC meets on Wednesday to discuss whether to boost output
Coming up API supply report, 2030 GMT

LONDON, Aug 2 Reuters Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC producers meet this week to decide whether to increase supply.

Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China39;s strict COVID19 restrictions slowed production.

These readings did nothing to mitigate the fears of recession, said Tamas Varga at oil broker PVM.

Brent crude was down 1.40, or 1.4, to 98.63 a barrel by 0817 GMT, while U.S. West Texas Intermediate crude fell 1.00, or 1.1, to 92.89.

Oil soared earlier in 2022, with Brent in March coming close to its all time high of 147 a barrel after Russia39;s invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.

The upward momentum of oil prices has been gradually fading, analysts at Haitong Futures said. Once the supply and demand situation shows any sign of further deterioration, oil is likely to lead the decline among commodities.

In focus this week is a meeting on Wednesday between the Organization of the Petroleum Exporting Countries OPEC and allies including Russia, together known as OPEC, to decide whether to increase output in…