Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU21) on Tuesday closed down -0.70 (-0.98%), and September RBOB gasoline (RBU21) closed down -0.0039 (-0.17%).
Sep WTI crude oil and Sep RBOB gasoline prices on Tuesday extended Monday's sharp losses, with crude oil falling to a 1-1/2 week low and gasoline dropping to a 1-week low. Crude oil prices were undercut by concern that the worldwide spread of the delta Covid variant will curb energy demand as more countries impose pandemic travel restrictions.
The 7-day average of new U.S. Covid infections rose to a 5-1/2 month high Monday of 85,552. In addition, Japan on Friday extended a state of emergency to areas surrounding Tokyo until the end of August. Finally, the positive Covid infection rate in the UK rose to 1.57 on Friday, the highest in 6 months.
The spread of the delta Covid variant in China may curb energy demand from the world's second-largest crude consumer. The latest outbreak has reached nearly half of China's 32 province... Read more