Oil prices have rebounded from a three-week low as investors assessed demand prospects in the wake of the recent global Covid-19 rally.
Delta expressed concern about the short-term demand outlook and hurt the oil price hike, which caused oil prices to jump more than 50 percent in the first half of the year. The resurgence is dampening fuel consumption as the OPEC+ alliance resumes supplies disrupted during the pandemic.
After the futures in New York had fallen by 4% the other day, the direction looks like recovery again and climb towards $67 a barrel. The highly contagious Covid-19 delta variant led to new restrictions in several regions as the number of infected rises again.
On Monday, the price range for the barrel of Brent was 43 cents in backwardation. Long-dated contracts are thus cheaper than short-dated contracts. In the previous week, the spread was 69 cents a barrel.
Article Source: https://www.investing.com/news/commodities-news/
The spot market is open
Wed. 11 Aug- 2021
| Metals Updated at | USD Bid/Ask | Ounce Chance | Low/High |
| Gold 07.00 | 1,726.80 1727.80 | -2.00 -0.12% | 1,726.70 1,730.60 |
| Silver 07.00 | 23.32 23.42 | -0.01 -0.04% | 23.31 23.44 |
| Platinum 07.00 | 997.00 1007.00 | +4.00 0.40% | 993.00 1,007.00 |
| Palladium 07.00 | 2,580.00 2,730.00 | -3.00 -0.12% | 2,578.00 2,732.00 |
| Rhodium 05.00 | 18,200.00 20,200.00 | 0.00 0.00% | 18,200.00 20,200.00 |
| Energy Updated at | Price | Change | %Change |
| Crude Oil 07.00 | 68.48 | +0.19 | 0.28% |