The Magazine for Asian Investors
Crude oil goes a little weaker into the weekend, but in summary, the week can be closed with a plus.
Brent crude oil loses 0.99% today to $74.87. Over the week, the evening in Asia at 9:45 PM (GMT+7) is a plus of 2% on paper.
WTI crude oil loses 1.38% to $71.64 a barrel today. This week so far summarized a gain of 1.73%.
At the moment, crude oil prices are being held up primarily by the supply bottleneck triggered by Hurricane Ida. The repair work is progressing slowly and a good 30% of oil production has still not been restored. The restoration work was also hindered by Tropical Storm Nicholas, which moved over the Gulf of Mexico shortly after Hurricane Ida. This was also shown by data on crude oil inventories this week that had fallen by 6.442 million barrels.
Meanwhile, the IEA has projected that crude oil demand will increase by the end of the year. Already next month, demand is expected to jump back by 1.6 million barrels per day. Since the COVID-19 cases clear slowly could be assumed from a recovery of the demand, so the IEA.