Concerned about Covid-19 affecting demand, oil prices fell

2 min read

Brent oil futures fell 2 cents to $74.48 a barrel, ending a six-session rally.

WTI oil futures fell 26 cents, or 0.4%, to $71.65 a barrel.

“The problem with the market now seems to be the Delta variable, which is holding oil prices down even though every indication of a significant supply tightening,” according to Phil Flynn, senior analyst at Price Futures Group in Chicago, Illinois. The usual tightening supply will cause oil prices to rise.

Inventories of crude oil, gasoline and refined products in the United States fell last week, the American Petroleum Institute (API) said. Specifically, in the week ending July 23, crude oil inventories decreased by 4.7 million barrels, gasoline decreased by 6.2 million barrels and refined products decreased by 1.9 million barrels.

Official figures will be released by the US Energy Information Administration on July 28.

The UK recorded the highest number of deaths and hospitalizations from Covid-19 since March. The US Centers for Disease Control and Prevention (CDC) is expected to recommend that fully vaccinated Americans wear masks indoors. In some cases.

Tokyo, the city hosting the Olympics, is on track to record a record high number of Covid-19 infections as athletes continue to compete.

The World Monetary Fund (IMF) has maintained its forecast for world economic growth this year at 6%, raising the outlook for developed economies, but lowering its estimate for the developing group still struggling to cope with the Covid-19 pandemic. 19.

US consumer confidence hit a 17-month high in July with households planning spending despite lingering inflation fears.

Precious metal

Gold price on July 27 increased, nearing the level of 1,800 USD/ounce, thanks to the weakening USD and falling US government bond yields.

Spot gold on the New York Stock Exchange increased by 1.2 USD to 1,798.7 USD/ounce, in one session touched 1,800.46 USD/ounce.

Gold futures price held at 1,799.8 USD/ounce.

Spot gold on the New York Stock Exchange on July 27.

Silver fell 1.8% to $24.71 an ounce.

Platinum fell 1.1% to $1,052.96 an ounce.

Source: – Translated by