Crude Oil Brent (F) Futures Market News and Commentary
September WTI crude oil (CLU21) on Wednesday closed down -2.41 (-3.42%), and September RBOB gasoline (RBU21) closed down -0.0208 (-0.92%).
Sep WTI crude oil and Sep RBOB gasoline prices on Wednesday closed sharply lower, with crude prices posting a 2-week low. A stronger dollar on Wednesday and energy demand concerns from Covid weighed on energy prices. Losses in crude accelerated Wednesday morning after weekly EIA crude inventories unexpectedly rose.
Crude oil prices have been on the defensive this week from 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 Tuesday of 90,470. In addition, Japan last 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 last Friday, the highest in 6 months.
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