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Oil Dips on Covid Fears As Attention Turns To Earnings Reports
by Ship & Bunker News Team
Monday July 26, 2021 Meanwhile, Brazil defies global trend by planning to pump all-out: File Image/Pixabay With media hype over Covid variant cases climbing in some parts of the world reaching fever pitch, crude prices on Monday suffered a dip, albeit slightly better than the
1 percent drop incurred shortly after the beginning of the session. Vanda Insights said in a note, With daily new Covid cases in the
U.S. continuing to rise, oil demand uncertainty was the main driver of market sentiment.
Peter McNally, global head of industrials, materials and energy at
The Brent crude oil price has continued a dramatic recovery this year.
Brent crude last week briefly crossed $66 a barrel (where it started 2020). A recovery in demand has stoked oil prices. That demand surge is largely coming from the prospects of an acceleration in transport activity as vaccine programs roll out.
Brent crude oil and other commodities
Oil is, of course, not alone.
Many commodities have been boosted this year by both the reality and the expectation of increased demand.
Copper has been one of the stellar performers, topping $9,000 per metric ton for the first time since 2011. This largely seems to follow on the strength of rising electric vehicle demand. As such, it seems almost counterintuitive that an investment dynamic, electrification, that is driving one commodity, copper, to decade highs is also driving oil whose greatest threat is electrification to also rise strongly.