Covid-19 Delta variant will affect energy demand.
The outbreak of the Covid-19 delta strain continues to increase. As a result, countries have resumed interdiction measures to contain the spread. This is also likely to affect oil demand, particularly demand for jet fuel.
Crude oil prices have declined to the weakest level in 2 weeks. Investors are selling crude oil contracts. According to experts, the spread of the Covid-19 virus of Delta species will further affect energy demand.
WTI crude oil contracts fell 81 cents, or 1.2%, to $68.28 a barrel. WTI lost a total of 7.7% this week, its biggest weekly decline in nine months.
Brent crude oil contracts (BRENT) fell 59 cents, or 0.8%, to $70.70 a barrel, down 6.2% for the week, the largest weekly decline in four months.
In more, the strength of the dollar is a negative factor for the oil market. The dollar (DXY) index rose to 0.58% (92.7918).
The contract for crude oil, which is traded in US dollars, is more expensive and less attractive for investors holding other currencies.
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