Longest Lost Oil Cover Week Since 2019 | Bank News

The longest run since 2019 has been closed for a week after the dollar strengthened, sparking doubts about the start of the Federal Reserve stimulus and the resurgence of the virus.

West Texas Medium fell 2.2% for the seventh day in a row and lifted its weekly decline to 8.9%. Other raw materials, including copper and iron ore, fell on Thursday following the federation’s mark. The Bloomberg Dollar Spot Index rose daily from week to week, making commodity prices less attractive. The epidemic is a major threat to energy supplies, especially in Asia, by limiting China ‘s key imports to fight the epidemic.

“It is unusual for such a long-term oil spill to occur,” said Thomas Finlon, chief operating officer at Houston Trade and Logistics Company, Brownsville LLC. External factors, including the continued results of Delta’s growth and the behavior of the Federal Reserve, are becoming increasingly significant for investors.

In the coming months, there will be a shortage of flour as the demand for more large stocks decreases. According to the US Bank, in the second half of the year, there may be a drop in the stock market. The drop in prices could force oil exporters and their partners to suspend the next planned increase, Sigrop In.

Bujane Shieldrop, a commodity analyst at SEB AB, said: But OPEC + still has to control the market well.

The epidemic has hampered plans to revive economic activity, revitalize mobility and fuel demand. In Australia, Sydney’s two-month long lock will be extended until at least the end of September. Many companies in the United States have announced plans to keep employees home when the virus spreads. Brent is also drowning. International standards have led to more than three years of losses, and for the first time since May, the barrel has fallen below $ 65 a barrel.

Prices:

  • WTI, which ends Friday, fell $ 1.37 to adjust to $ 62.32 per barrel in New York.
  • Prices are in the longest losing streak since October 2019.
  • Brent dropped $ 1.2.18 per barrel for the October settlement session to $ 65.18.
  • Brent is down for the seventh day, the longest loss since February 2018.

Although low headline prices and commodities have not shaken investors’ perceptions until recently, Brent’s recent distribution has grown to 44 cents, indicating long-term confidence. The total number of vaccines in the United States has increased by about 60% to about half a million a day, up from the end of May. .

Price Future Group Inc. “People who are not discouraged about the Delta will continue to fall,” says senior market analyst Phil Flynn. The White House and OPEC have improved the product as needed, and it is very likely to see a resurgence in the near future.

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  • The number of super-tankers competing for Middle East oil exports next month is set to rise in mid-June.

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