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July 13, 2021

Oil Prices Maintain Profits

 Crude oil traded steady in early Asian trade as investors assessed the impact on fuel demand from the recent rise in Covid-19 around the world.

Brent crude futures rose slightly at $ 75.34 a barrel, while US WTI traded positive at $ 74.30 a barrel.

Delta coronavirus variants continue to spread rapidly in Asia and Europe, and most recently in the United States, resulting in a surge in infections and new restrictions in several regions.

The increase adds to uncertainty in the market, especially after OPEC+ ended talks on production last week without an agreement for August.

The latest release of data from China is set to put pressure on oil prices, with crude oil imports in the country reported for the first time falling to their lowest level this year in June.

This indicates that demand from the world’s second largest economy is declining, in line with weaker growth exhibited in several previous data series.

The market is now awaiting data from the American Petroleum Institute (API) which is expected to continue to show a reduction in US crude oil supplies last week.