Oil prices rise as traders assess demand outlook

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%
Source: https://www.kitco.com/

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