Oil prices lose ground at the beginning of the week. WTI contracts for delivery in September fell 8 cents.
Investors expect oil prices to remain under pressure through the end of this year as crude demand may worsen due to economic slowdowns in many parts of Asia.
The group of oil exporting countries and allies “OPEC+” has decided to increase oil production by 400,000 barrels per day monthly (from Aug. – Dec.). The reason for this can be attributed to the increasing vaccination rate in many countries. Increased production may help to further stimulate the so far sluggish economic recovery. It remains to be seen whether the production increases can cover the crude oil demand until the end of the year.
WTI contracts delivered for September traded on NYMEX fell 8 cents to $73.53 a barrel. Brent crude futures fell 2 cents to $76.03 a barrel.
Source: https://www.investing.com/news/
The Spot Market is Open
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 07.00 | 1812.50 1813.50 | -0.80 -0.04% | 1812.10 1814.50 |
| Silver 07.00 | 25.39 25.49 | -0.01 -0.04% | 25.38 25.52 |
| Platinum 07.00 | 1050.00 1060.00 | -2.00 0.19% | 1048.00 1062.00 |
| Palladium 07.00 | 2624.00 2774.00 | +8.00 0.31% | 2615.00 2775.00 |
| Rhodium 07.00 | 17800.00 19800.00 | 0.00 0.00% | 17800.00 19800.00 |
| Energy Updated at | Price | Change | %Change |
| Crude Oil 07.00 | 71.45 | +0.19 | 0.27% |