By Gina Lee
Investing.com – Oil was down in Asia Monday morning. The black liquid from the previous week as the latest restrictive measures to curb the latest outbreaks of COVID-19 globally maintain concerns about fuel demand.
It fell 1.94% to $ 69.33 at 10:32 pm ET (2:32 am GMT) and slid 2.05% to $ 66.88. Brent and WTI futures held below the $ 70 mark.
“Concerns about the possible erosion of global oil demand have resurfaced with the acceleration of the Delta variant infection rate,” RBC analyst Gordon Ramsay said in a note.
New restrictions in place in China, the world’s top oil importer, to curb the latest COVID-19 outbreak in the country also affected the outlook for fuel demand.
They include flight cancellations, travel advisories in 46 cities, and limited public transportation services in 144 areas.
“While the number of cases in China is low, it comes just as the summer travel season peaks … this has overshadowed signs of strong demand elsewhere,” said ANZ commodities analysts. in a note.
A strengthening, thanks to Friday’s better-than-expected US jobs report that spurred bets that the US Federal Reserve would start cutting assets earlier than expected, also added to the oil woes. it increased by 943,000 and fell to 5.4% in July.
The Organization of the Petroleum Exporting Countries (OPEC) will release its Monthly Oil Market Report on Thursday.
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