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
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
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
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
West Texas Intermediate futures were steady near $72 a barrel of Friday after rallying about 8% in the past three sessions. Crude plunged on Monday as fears over the delta coronavirus variant’s spread triggered a selloff across financial assets. Prices have since rebounded on expectations that the oil demand recovery hasn’t been derailed, and will soon strain global inventories. WTI is $71.73; Brent is $73.57
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