Mid-Week Review – August 4, 2021
Oil Prices Fall as Delta Variant Spread Weighs
Oil prices fell on Wednesday as the spread of the coronavirus Delta variant in top consuming countries outweighed Mideast geopolitical tensions and a fall in U.S. inventories. Brent crude oil futures were down 67 cents, or 0.9%, to $71.74 a barrel by 11:44 GMT. U.S. West Texas Intermediate (WTI) crude fell 86 cents, or 1.2%, to $69.70 a barrel. Click Here to read more from Reuters.
Gas Prices on the Rise After Brief Dip
Gas prices are on the rise again after a “short-lived” decline, according to an industry expert. The nation’s average gas price rose 1.7 cents per gallon over the past week, notching $3.16 per gallon, according to GasBuddy, which compiles data from more than 150,000 gas stations across the country. Click Here to read more from Fox Business.
Oil Prices Slide on Worries Over China Economy and Higher Crude Output
Oil prices fell Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers. Brent crude oil futures fell $2.16, or 2.9%, to trade at $73.24 per barrel while U.S. West Texas Intermediate (WTI) crude futures dropped $2.44, or 3.3%, to $71.51 per barrel. Click Here to read more from CNBC.
Incident With Multiple Tankers in Gulf of Oman Raises Concerns in Oil Market
U.S. officials say they are still trying to determine exactly what’s happening, but numerous reports say there’s potentially one hijacked ship in the Gulf of Oman and the status of several others is unclear. The situation occurred as tensions between the West and Iran have been rising, and as the U.S. and other world powers have been trying to reach a new deal with Iran over its nuclear program. At a briefing, U.S. State Department spokesman Ned Price said: “We are aware of the reports of a maritime incident in the Gulf of Oman. We are concerned. We are looking into it.” Click Here to read more from CNBC.
This article is part of Daily Market News & Insights
Tagged: China, Delta, Hijacked Ship, WTI
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.