WTI snaps three-day winning streak amid demand concerns - patrickhavesel

Futures on US West Texas Intermediate Crude Oil snapped a three-day stripe of gains on Thursday amid renewed demand concerns stemming from the spread of the novel coronavirus and equally oil output returned in Mexico.

New outbreaks caused away the Delta variant of the coronavirus raised concerns over the strength of global economic recuperation.

"Although prices had reversed strongly … questions remain on how the ever-surging number of cases globally will impact fuel postulate," Avtar Sandu, precedential manager commodities at Phillip Futures in Singapore, was quoted as saying by Reuters.

Meanwhile, the return of oil production in Mexico also weighed on prices. Last weekend a arouse connected an offshore platform caused the death of leastwise five workers and cut output by a bit all over 400,000 barrels per Clarence Shepard Day Jr.. Thusly far, Pemex has recovered 71,000 barrels per solar day of output signal and anticipates to add 110,000 barrels per day Sir Thomas More in the near-term.

Yesterday the US Energy Information Administration according that U.S.A crude vegetable oil stocks had risen last week for a third straight period, while overall fuel take rose to levels not seen since March 2022, bearing oil prices.

Even, some remain skeptical about require lookout.

"For now, U.S. consumers appear to be shrugging off the spread out of the Delta variant … However, it seems likely that we are near the peak in U.S. demand, which will act as a lid happening oil prices," Capital letter Economics pointed out in an investor note.

American Samoa of 8:30 Greenwich Mean Time happening Thursday WTI Vulgar Oil colour Futures were retiring 1.24% to trade at $67.51 per barrel, after climbing As high as $68.54 per gun barrel yesterday. The latter has been the commodity's strongest price tier since August 13th ($69.22 per barrel). WTI Crude Oil Futures have retreated 8.57% so far in August, shadowing a 0.65% benefit in July.

At the same time, Brent Oil Futures were losing 0.60% on the day to trade at $71.51 per barrel, after climbing as high as $72.40 per barrel yesterday. The latter has been the black liquid's strongest price index since Honourable 6th ($72.41 per barrel). Brent Oil Futures induce retreated 4.82% so far in August, following a 0.70% make headway in July.

Daily Swivel Levels (traditional method of deliberation) – WTI Stark Oil Futures

Central Pin – $67.94
R1 – $68.96
R2 – $69.56
R3 – $70.58
R4 – $71.60

S1 – $67.34
S2 – $66.32
S3 – $65.72
S4 – $65.12

Daily Pivot Levels (traditional method of calculation) – Brant goose Oil Futures

Of import Pivot – $71.63
R1 – $72.71
R2 – $73.49
R3 – $74.57
R4 – $75.66

S1 – $70.85
S2 – $69.77
S3 – $68.99
S4 – $68.22

Author: Miroslav Marinoff, a news show editor at TradingPedia, is engaged with observant and reporting on the tendencies in the Foreign Exchange Market and the United States of America Gunstock Market.

Source: https://www.tradingpedia.com/2021/08/26/commodity-market-us-crude-oil-snaps-three-day-streak-of-gains-amid-demand-concerns-mexico-supply-return/

Posted by: patrickhavesel.blogspot.com

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