Gasoline for October spiked more than 4% in New York before paring its advance, while West Texas Intermediate crude fell around 1%. Last week, WTI rallied 10% as investors wagered global demand would recover from the setback posed by the spread of the delta coronavirus variant. WTI is $68.28; Brent is $72.50
Oil headed for the biggest weekly gain in 11 months as market focus shifted to the outlook for U.S. economic stimulus and a storm that is menacing the Gulf of Mexico. Futures in New York rose above $68 a barrel and are up almost 10% for the week. Oil producers in the U.S. Gulf of Mexico have begun shutting production ahead of Tropical Storm Ida. WTI is $68.60; Brent is $72.11
Futures in London fell below $72 a barrel after adding more than 10% over the past three sessions. Shrinking U.S. stockpiles, a rebound in Indian demand and China’s containment of its latest outbreak are providing some positive signs for the market. WTI is $67.78; Brent is $71.74
Futures in London climbed above $70 on Tuesday and were little changed near $71 on Wednesday. Top crude importer China has brought its latest virus outbreak under control, though Covid-19 continues to make its presence felt in other big oil consumers, with Japan expected to announce an expansion of its state of emergency. WTI is $67.75; Brent is $71.37
Brent futures topped $70 a barrel after falling below that level last week when the market underwent its longest sell-off in years on concern about demand caused by the virus. Both the global benchmark and West Texas Intermediate surged by more than 5% on Monday. WTI is $65.46; Brent is $68.55
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