Fuel demand concerns affect oil prices

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Oil prices fell late Thursday. Brent crude oil contracts fell 3.1% to $66.13.

WTI crude futures fell 3.5% to $63.18.

The main reason is the increase in the number of people infected with COVID-19 around the world. Oil prices were affected by the weak economic situation in China, the world’s largest oil importer.
The delta variant is becoming more widespread, bringing back memories of last year when many countries had completely scaled back their economies.

In addition, a strengthening dollar is not making it easy for oil prices at the moment. A strong dollar makes oil more expensive for other currencies.

There is also concern about falling fuel demand and an increase in gasoline inventories in the US.

The drop in oil prices to $66 a barrel on Thursday was the lowest since May.

The Spot Market is Open

Fri. 20 Aug- 2021

Metals

Updated at
USD

Bid/Ask
Ounce

Change


Low/High
Gold
07.00
1,779.30
1,780.30
-1.10
-0.06%
1,778.90
1,782.90
Sliver
07.00
23.20
23.30
-0.04
-0.15%
23.18
23.34
Platinum
07.00
966.00
976.00
-3.00
-0.31%
965.00
979.00
Palladium
07.00
2,241.00
2,391.00
-3.00
-0.13%
2,235.00
2,391.00
Rhodium
06.00
16,800
18,800
-200.00
-1.18%
16,800.00
18,800.00
Energy

Updated at


Price


Change


%Change
Crude oil
07.00

63.99

-1.47

-2.25%

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