Vatanbir

Main Menu

  • Home
  • Transport business
  • Transport corporation
  • Transport industry
  • Tank transport
  • Transport lending

Vatanbir

Header Banner

Vatanbir

  • Home
  • Transport business
  • Transport corporation
  • Transport industry
  • Tank transport
  • Transport lending
Transport business
Home›Transport business›Oil drops 3% on China’s COVID-19 brakes, stronger dollar

Oil drops 3% on China’s COVID-19 brakes, stronger dollar

By Linda Glidden
August 9, 2021
0
0


  • Brent and WTI hit 2.5-week lows
  • China Reports Increase in New COVID-19 Cases
  • China’s crude imports in July drop 20% year on year

LONDON, Aug. 9 (Reuters) – Oil prices fell more than 3% on Monday, extending last week’s steep losses amid a rising US dollar and fears that further coronavirus restrictions in Asia, especially in China, does halt the global recovery in fuel demand.

Brent crude futures fell $ 2.43, or 3.5%, to $ 68.27 a barrel at 8:00 a.m. GMT after falling 6% last week to their biggest weekly loss in four months .

US West Texas Intermediate (WTI) crude futures fell $ 2.41, or 3.6%, to $ 65.87 after plunging nearly 7% last week on their steepest decline weekly in nine months.

“Concerns about the potential erosion of global oil demand have resurfaced with the acceleration in the rate of Delta variant infection,” RBC analyst Gordon Ramsay said in a note.

ANZ analysts pointed out that the new restrictions in China, the world’s second largest consumer of oil, are a major factor clouding the outlook for demand growth.

The restrictions include flight cancellations, warnings from 46 cities against travel, and limits on public transport and taxi services in 144 of the worst-affected areas.

China reported 125 new cases of COVID-19 on Monday, up from 96 a day earlier. In Malaysia and Thailand, infections are reaching daily highs. Read more

China’s export growth slowed more than expected in July after outbreaks of COVID-19 cases and flooding, while import growth was also weaker than expected. Read more

“Both contracts (for benchmark crude) appear vulnerable to further bad news on the virus front, focusing on mainland China,” said Jeffrey Halley, senior market analyst at OANDA, in a note.

China’s crude oil imports fell in July and fell sharply from record levels in June 2020. read more

A rally in the US dollar to a four-month high against the euro also weighed on oil prices after the stronger-than-expected US jobs report on Friday prompted betting that the Federal Reserve could act faster to tighten US monetary policy.

A stronger US dollar makes oil more expensive for holders of other currencies.

Reporting by Dmitry Zhdannikov Additional reporting by Sonali Paul Editing by David Goodman

Our Standards: Thomson Reuters Trust Principles.


Related posts:

  1. Dogaholics van hijacked in Chicago, 3 dogs missing
  2. The Pension Fund, Canada’s Second Largest Pension Fund, Unveils New Climate Goals
  3. Transport companies improve their bottom line with JobKeeper
  4. SAS to add six Embraer 190 leased to its fleet

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • January 2020
  • December 2019
  • November 2019

Recent Posts

  • Historical and forecast container fleet market revenue data analysis – Designer Women
  • PWT, public transport employer Sea to Sky, sold to an American company
  • Trucking industry work team meeting
  • Scammers turn to draining fuel tanks as gas prices soar
  • Balchem ​​Corporation Completes Acquisition of Kappa

Categories

  • Tank transport
  • Transport business
  • Transport corporation
  • Transport industry
  • Transport lending
  • Privacy Policy
  • Terms and Conditions