Opec+ and Covid fears check rally

摘要

The prospect of rising Opec+ crude supplies and a surge in new Covid cases is capping oil prices, despite signs of a recovery in US and European demand. Atlantic basin benchmark North Sea Dated fell by $2.13/bl to $73.25/bl in the week to 22 July, while US benchmark August WTI rose by 43c/bl to $72.08/bl. Both benchmarks slumped by roughly $5/bl on 19 July as a wider sell-of on global fnancial markets followed fears that the accelerating spread of the more virulent delta variant of Covid-19 could slow the economic recovery. Oil markets recov- ered much of the price falls over the rest of the week. WTI frmed despite a 2.1mn bl rise in US crude inventories in the weekly EIA report, as transport fuel demand continues to rise.