West Texas Intermediate and International-Brent crude oil futures on Friday saw traders from the International Energy Agency (IAEA) and the Organization of Petroleum Exporting Countries (OPEC) give conflicting estimates of future demand. .
On Friday, the October W crude oil futures fell to $ 68.21, $ 0.69 or -1.00%, and October Brent crude futures fell to $ 70.59, $ 0.72 or -1.02%.
Meanwhile, the world’s largest consumers, the United States and the COVID-19 vaccine have been backed by improved demand for crude oil. Traders also said OPEC and its partners could adjust production levels in September to meet low demand.
IEI has COVID-19 Delta variant on demand. OPEC is stuck with the forecast
Rising demand for oil has slowed education in July and is set to slow down for the rest of the year due to the expansion of the COVID-19 Delta, the International Energy Agency (IAA) said on Thursday.
The Paris-based IAAA said: “New COVID-19 restrictions in many major oil-producing countries, especially in Asia, have significantly reduced the mobility and use of oil for the second half of 2021.
The rapid expansion of the COVID-19 Delta variant has weakened shipments in China, Indonesia and other parts of Asia, and is expected to fall in July, according to its monthly report.
Meanwhile, despite growing concerns about the occurrence of COVID-19 in the OPC, global oil demand has been re-assessed this year and projected further growth in 2022.
U.S. drones add more oil in a week from April – Baker Hughes
U.S. energy companies have doubled in total in a week since April, with crude oil prices doubling from a year ago.
Oil and gas compressions are expected to rise for the second week in a row, from nine to 500 a week from August 13, the highest since April 2020, according to a recent report by energy utility company Baker Hughes.
U.S. gas stations rose from 10 to 397 this week, the highest since April 2020, and 172 higher than a year ago, the lowest since 2005 before boosting activity.