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Oil prices under pressure pivot delta

Oil prices fell on Monday as the spread of the delta mutator raised concerns about fuel demand, but losses were limited by expectations that the supply of crude will be tight for the rest of the year, and Brent crude futures for September fell 24 cents, or 0.3%, to $ 73.86 a barrel, US West Texas Intermediate crude fell 54 cents, or 0.8 percent, to $71.53.
Early in the session, both benchmarks fell by more than $1 a barrel, and cases of coronavirus continued to rise over the weekend, as some countries reported record daily increases and extended closing procedures, and China, the world’s largest importer of crude, recorded a rise In cases of coronavirus infection.
Some fear that China’s oil imports will grow this year at the slowest rate in two decades despite the expected rise in refining rates in the second half, due to Beijing’s crackdown on the abuse of import quotas as well as the impact of higher crude prices, said Avtar Sandu, senior director of commodities in the company. Singapore’s Phillips (AS:PHG) Futures: The delta mutator is still spreading and China has started to impose restrictions on independent (SE:2030) refineries, so its import growth will not be significant.
Commerzbank (DE:CBKG) analysts in Commerzbank said: ‘Reports from India also point to a decline in oil demand only, as oil imports in June fell to their lowest level in nine months, while crude oil processing was marginally above the level. The low in May, which was affected by the epidemiological restrictions.
However, both crude grades recovered last week from a 7% decline on Monday and posted their first weekly gains in two to three weeks, buoyed by strong US demand and expectations of tight supplies. Traders said, citing data from Wood Mackenzie, that stocks in Cushing, Oklahoma, are in stock. , the point of delivery of US crude futures contracts, fell by about 2.6 million barrels last week.
Global oil markets are expected to remain in deficit despite the decision of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to increase production until the end of the year. Designed by OPEC + and the risk of a delta version in areas with low vaccination rates, indicating that the slow uptake of vaccines will continue to limit some of the rise in oil demand in those areas, and there will be intermittent periods of recovery in the months

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