Oil futures decline, with U.S. prices at their lowest finish since May

0

Oil futures declined on Wednesday, with U.S. prices marking their lowest finish since May. Ongoing concerns over the spread of the delta COVID variant, and its impact on energy demand, pressured prices, even after U.S. government data showed a fall in U.S. crude supplies for the week ended Aug. 13, as expected. It’s “really about COVID,” with cases going up in the U.S., Europe and Asia, said Tariq Zahir, managing member at Tyche Capital Advisors. It’s a mess that “all equates to demand going to be hit.” The risk for the energy market is to the downside, “barring a large impactful hurricane shutting in production,” he said. West Texas Intermediate crude for September delivery
CLU21,
-2.78%
fell $1.13, or 1.7%, to settle at $65.46 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract settlement since May 21, according to FactSet data.

Source

Leave A Reply