Supply Concerns Outweigh Delta Fears for Oil

摘要

Oil prices gained about $2 this week as concerns about availability overrode fears of a rapidly spreading strain of Covid-19 dealing a blow to demand. Benchmarks Brent and West Texas Intermediate (WTI) also eked out a gain for July, which was noteworthy for its volatility due to a deadlock in the Opec-plus alliance in the first half of the month and the resurgent pandemic in the second (OD Jul.19’21).