The price for a barrel of crude oil was closed lower Friday for the seventh day in a row, taking care of the impact on oil demand through the spread of the Delta variant of the coronavirus. On a weekly basis, the price for a barrel of crude oil closed almost 9 percent lower.
Crude oil already fell sharply on Thursday and hit a broad sales wave, with metals and other commodities plummeting along with stocks worldwide.
The spread of the delata variant “continues to cloud the demand outlook for oil. Output data from China earlier this week, which showed that crude oil processing by Chinese refineries was at its lowest level in fourteen months, also led to pressure. Oil prices were triggered earlier this week by a stronger than expected decline in US crude oil stocks, although the market was more focused on the outlook for global demand and a decline in US gasoline demand towards the end of the summer season.
The real vote indicates a deep return of oil prices. Price recovery could provide interesting sales opportunities for those seeking a return to $ 60 a barrel. A September future for a barrel of crude oil closed on Friday 2.2 percent, or $ 1.37, down to $ 62.32 on the New York Mercantile Exchange.
