On Monday, the European Union (EU) session market recap for US oil (WTI) on CITYINDEX:USCRUDEOILCFD by ADX-BRIEFING showed a mixed performance. The price of WTI crude oil futures for September delivery rose by 0.2% to $68.44 per barrel, while the price of Brent crude oil futures for October delivery fell by 0.1% to $70.56 per barrel.
The market was influenced by a number of factors, including concerns about the spread of the Delta variant of COVID-19 and its impact on global economic growth. In addition, there were concerns about the ongoing tensions between the US and China, which could lead to a slowdown in global trade.
Despite these concerns, there were some positive signs in the market. The US Energy Information Administration (EIA) reported that US crude oil inventories fell by 3.2 million barrels in the week ending August 6, which was more than expected. This was the third consecutive week of inventory declines, which suggests that demand for oil is picking up.
In addition, there were reports that OPEC and its allies are considering extending their production cuts beyond April 2022. This could help to support oil prices in the coming months.
Overall, the market for US oil (WTI) on CITYINDEX:USCRUDEOILCFD by ADX-BRIEFING was relatively stable on Monday. While there are concerns about the impact of COVID-19 and geopolitical tensions on the global economy, there are also positive signs of increasing demand for oil and potential production cuts by OPEC and its allies. As always, investors should keep a close eye on market developments and adjust their strategies accordingly.
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- Source: Plato Data Intelligence.