empty
 
 

2021.08.1919:13:00UTC+00Oil Futures Settle Lower For 6th Straight Session On Demand Worries

Crude oil futures fell for a sixth straight session, as worries about outlook for energy demand after data showing a surprise build in gasoline inventories, and continued spikes in coronavirus cases hurt the commodity on Thursday.

A stronger dollar amid rising prospects of tighter monetary measures from the Federal Reserve weighed as well on crude oil prices.

West Texas Intermediate Crude oil futures for September ended down by $1.77 or about 2.7% at $63.60 a barrel, the lowest settlement in three months.

Brent crude futures were down $1.38 or 2.01% at $66.85 a little while ago.

Data released by Energy Information Administration (EIA) late Wednesday showed gasoline stockpiles unexpectedly increased by 700,000 barrels last week, the first increase in more than a month as a result of an increase in coronavirus cases worldwide.

Circulation of the Delta variant in areas of low vaccination is driving transmission of COVID-19, the World Health Organization said.

The International Energy Agency last week trimmed its oil demand outlook due to the spread of the Delta variant while OPEC left its demand forecasts unchanged.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback