Delta Fears Continue To Hamper Oil Prices, But Drawdowns Remain Steady
by Ship & Bunker News Team
Tuesday August 3, 2021 Meanwhile, BP defies expectations with massive Q2 earnings: File Image/Pixabay After a dismal start to the month in the previous session, oil on Tuesday clawed back some earlier losses but was still hampered by concerns that the Covid delta variant will disrupt global crude consumption. Brent rose
6 cents to
$71.52 per barrel.
ANZ was mainly responsible for trading patterns on Tuesday, when its analysts noted that with regards to
China “Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces; this could see further mobility restrictions introduced.”
SINGAPORE: Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment.
Brent crude oil futures shed 26 cents, or 0.4%, to $72.63 a barrel, as of 0645 GMT. U.S. West Texas Intermediate (WTI) crude was down 16 cents, or 0.2%, at $71.10 a barrel.
Both markets dropped more than 3% on Monday.
ANZ analysts in a note highlighted resurgent economic risks to major oil consumer China from the coronavirus pandemic. Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces. This could see further mobility restrictions introduced, ANZ analysts wrote.
Coronavirus curbs, slowing factory activity weigh
LONDON, Aug 3 (Reuters) - Oil fell on Tuesday in volatile trade as concern over rising cases of the Delta coronavirus variant weighed on prices while expectations of a lower U.S. inventories lent some support.
Benchmark Brent crude oil futures fell $1.22, or 1.7%, to $71.67 a barrel by 1236 GMT.
U.S. West Texas Intermediate (WTI) crude was down $1.42, or 2%, at $69.84 a barrel.
Both had risen more than 60 cents earlier in the session. The oil market continues to alternate between concerns about tight supply on the one hand and about looming demand outages on the other, Commerzbank analysts said.
Oil prices rebound, but fuel demand concerns cap gains reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Crude oil prices slip-568370 daily-sun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daily-sun.com Daily Mail and Mail on Sunday newspapers.