U.S. oil prices are on track about 8% per week

On Friday, oil prices were low for the seventh straight day due to concerns about the impact of the spread of the variance from the coronavirus Delta on energy demand.

West Texas Medium Raw for September CL.1;
-1.37%

CLU21,
-1.37%
The New York Stock Exchange fell 42 cents or 0.7% to $ 63.08. October WTI CL00,
-1.61%

CLV21,
-1.61%,
The most active trade fell 44 cents or 0.7% to 63.25 barrels a week, falling 7.9%.

October Brent Raw BRN00,
-1.53%

BRNV21,
-1.53%,
According to international standards, ICE Futures Europe’s weekly decline fell 6.5% to 66 cents or 0.7%.

Metals and other commodities fell sharply on Thursday as they plunged into a wide-ranging market competition. U.S. stocks posted mixed results, but economically connected sectors lagged behind.

The expansion of the Delta has “continued to erode oil demand,” said Warren Patterson, ING’s chief marketing officer. In addition, data released earlier this week from China, which shows that Chinese filters have performed the least amount of chewing gum in 14 months, is not very helpful.

U.S. oil prices fell sharply earlier this week, with investors focusing on global demand, with U.S. oil demand declining in the last weeks of the summer season, with Labor Day ending in early September.

The U.S. benchmark is currently testing a table support of $ 63 per barrel, the Bears said in a statement.

The real sentiment is pointing to a deep return point in oil prices, and price recovery could be exciting sales opportunities aimed at returning to $ 60. [a barrel] Make a mark, ”the analyst wrote.

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