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West Texas Intermediate shed 1.2%, after rising 2.6% last week. The virus is clouding the outlook for consumption across the Asia Pacific. China faces a fresh outbreak, Thailand is set to expand its quasi-lockdown measures, and infections in Sydney matched a record. Data showed China’s economic activity eased in July, implying a more steady recovery as risks mount. WTI is $73.10; Brent is $74.63  Source: Bloomberg.com - By: Jessica Summers & Sheela Tobben - Image: Luke Sharrett
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Futures held above $73 a barrel in New York, up 1.9% this week even as some countries renewed curbs on movement amid a spike in Covid-19, most notably in Southeast Asia. Prices were supported by a further plunge in U.S. crude inventories -- the ninth in 10 weeks -- and signals that the Federal Reserve will continue measures to support the economy. WTI is $73.42; Brent is $76.06  Source: Bloomberg.com - By: Jill R Shah - Image: Luke Sharrett Global inventories are expected to tighten through the rest of the year as key energy consumers continue to rebound from the pandemic, although the latest Covid-19 resurgence is raising concerns about the short-term demand outlook. The fast-spreading delta variant has led to renewed restrictions in some regions, putting crude on track for its second monthly loss since October. WTI is $72.14; Brent is $74.82  Source: Bloomberg.com - By: Jill R Shah - Image: Luke Sharrett The rapid spread of the delta variant of the coronavirus is causing unease amongst market players as demand forecasts might have to be revised downwards due to the re-introduction of lockdowns and mobility restrictions all over the world say some analysts. WTI is $71.94; Brent is $74.68  Source: Bloomberg.com - By: Grant Smith and Elizabeth Low - Image: Kyle Grillot Futures dropped to trade near $72 a barrel after a volatile week of trading that saw prices swing wildly in a $7 range. Demand for fuels such as gasoline has increased as vaccination programs are rolled out, although the delta variant has raised concerns about the short-term outlook. Tight restrictions have been renewed including curfews in some places. WTI is $71.97; Brent is $74.13  Source: Bloomberg.com - By: Elizabeth Low and Alex Longley - Image: Oliver Bunic |
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