Rising oil prices in world markets

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Oil prices rose, during trading today, Friday, moving away from its lowest level in 3 months, but it is still on its way to incur a weekly loss of more than 5%.

Brent crude futures rose 0.4%, to $66.69 a barrel, after falling 2.6% yesterday, Thursday, to the lowest closing level since May 2021.

And US West Texas Intermediate crude futures for September 2021 delivery rose 0.6 percent, to $64.07 a barrel, after falling 2.7 percent yesterday. The October 2021 contract, the most active, rose 26 cents to $63.76 a barrel.

New lockdowns in countries facing increasing cases of the mutated delta strain of the coronavirus have dampened the outlook for fuel demand.

And China imposed new restrictions in light of its policy of the Corona virus, which requires not to allow any cases of infection, which affected global shipping and supply chains, in the meantime, the outbreak of the “Delta” strain in Australia and New Zealand led to the imposition of strict public isolation measures.

 

Source: Reuters