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Oil prices edge lower, on track for small weekly loss

Oil prices edge lower, on track for small weekly loss

7/23/2021 2:32:00 PM

Oil prices edge lower, on track for small weekly loss

Oil futures edge lower Friday and remain on track for a weekly loss, but bounce significantly following a Monday rout.

West Texas Intermediate crude for September delivery CL00, -0.06% CLU21, -0.06% fell 19 cents, or 0.3%, to $71.72 a barrel on the New York Mercantile Exchange, leaving the U.S. benchmark on track for a 0.1% weekly loss.September Brent crude BRN00, -0.11% BRNU21, -0.11%, the global benchmark, was off 26 cents, or 0.4%, at $73.53 a barrel on ICE Futures Europe, leaving it down less than 0.1% for the week.

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Crude plunged Monday, with WTI dropping more than 7%, in a broad selloff that was attributed in part to worries about the spread of the delta variant of the coronavirus and it’s impact on energy demand. Crude and other assets, including equities, subsequently bounced back as investors proved eager to buy the dip.

The market’s rebound “confirms our hypothesis that the selloff was ultimately sparked by external factors,” said Eugen Weinberg, commodity analyst at Commerzbank, in a note.Weinberg said it also backs up the expectation that an agreement by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to add 400,000 barrels a day each month to output as it unwinds production curbs will prevent a repeat of last year’s breakdown in the cartel.

Read more: MarketWatch »

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Oil prices fall after unexpected rise in U.S. crude oil stocksOil prices fell on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. yeah, maybe 2 cents. still up 33% or more since trump left office DURING A PANDEMIC Nobody wants oil anymore this is terrible news

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