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After rallying in the first half, crude prices have stuttered since mid-July. The spread of delta, including in key consumer China, has undermined the outlook for consumption as restrictions on mobility are reintroduced. WTI is $ $66.30; Brent is $68.71  Source: Bloomberg.com - By: Alex Longley and Grant Smith - Image: George Frey
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The latest Covid-19 wave is leading to tighter curbs on movement across the globe, although there are mixed assessments on its impact. The International Energy Agency reduced its demand forecasts for the rest of the year, while Goldman Sachs Group Inc. predicts only a transient hit to consumption. WTI is $68.93; Brent is $71.16  Source: Bloomberg.com - By: Ari Hawkins - Image: File Photo Futures in New York traded near $69 a barrel after rising more than 4% over the previous two sessions. The International Energy Agency cut its global consumption forecasts “sharply” for the rest of this year and predicted a new surplus in 2022. Yet Goldman Sachs Group Inc. estimated the net impact of the delta virus variant on oil demand is likely to be moderate. WTI is $69.26; Brent is $71.36.  Source: Bloomberg.com - By: Ari Hawkins - Image: Dhiraj Singh Futures tumbled as much as 1.8% in New York after National Security Adviser Jake Sullivan said current plans to boost output weren’t sufficient. The world’s largest oil-consuming nation has seen gasoline prices firmly above $3 a gallon in recent months, putting pressure on drivers who are back on the road as pandemic restrictions ease. WTI is $67.56; Brent is $69.96.  Source: Bloomberg.com - By: Ari Hawkins - Image: File Photo Futures climbed above $67 a barrel in New York, recovering in concert with other commodities after tumbling almost 4% over the past two sessions. The delta variant has led to rising infections and curbs on movement; still, global demand is expected to hold up and tighten the market through the end of the year. WTI is $67.46; Brent is $69.64  Source: Bloomberg.com - By: Ari Hawkins - Image: Luke Sharrett |
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