Futures in London rose 3.2% on Monday, rallying with equities and other commodities, after earlier slipping below $65 a barrel. In addition to more positive sentiment in financial markets, China has made progress in containing the fast-spreading delta variant, bringing local cases down to zero. WTI is $64.08; Brent is $67.24
Oil has been hit this month by the prospect that the Fed will cut back on its asset purchases even as the delta coronavirus variant endangers the economic revival. The pandemic remains a threat to energy demand, especially across Asia, with key importer China restricting mobility to combat an outbreak. WTI is $63.33; Brent is $66.13.
West Texas Intermediate futures fell 3.7%, declining for a sixth straight day and sinking in tandem with equities and other commodities like copper and iron ore. The Fed delivered a fresh blow to crude, which had already been weakening as the delta virus variant hits demand in Asia. A surprise jump in U.S. gasoline stockpiles underscored the risks. WTI is $63.35; Brent is $66.21
West Texas Intermediate rose 0.5% after a four-day losing run that was the longest since March. The American Petroleum Institute reported that crude inventories fell 1.16 million barrels last week, including a draw at the key storage hub in Cushing, Oklahoma, according to people familiar with the data. WTI is $67.35; Brent is $69.97
Oil fell for a fourth day, heading for the longest run of losses since March, on the threat to demand from the delta coronavirus variant. West Texas Intermediate futures declined 0.5% after losing almost 3% over the previous three sessions. U.S. gasoline consumption fell for a third week, while data from China on Monday revealed a slowdown in the economy last month. WTI is $66.86; Brent is $69.28
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