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    Home » Crude Oil Futures Prices Slides to Near their Lowest Levels since May Over Delta Variant Fears
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    Crude Oil Futures Prices Slides to Near their Lowest Levels since May Over Delta Variant Fears

    August 9, 20211 Min Read
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    China flag on the background of the world map with oil derricks and money
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    The price of oil and other key industrial commodities dropped on Monday after Chinese government measures to stop the Delta variant scared investors about global energy demand.

    • Brent crude oil declined by 4% to $67.87 per barrel, and West Texas Intermediate futures was 4.3% down at $65.38 per barrel.
    • The spread of the Delta variant Covid-19 cases has increased concerns in China and other East Asian economies. Beijing health officials reported last week the cancellation of all large-scale events.
    • Customs records show that China imported lower crude per day in July than in June. Goldman Sachs downgraded the 2021 Chinese economic growth forecast to 8.3%.

    Fears about the economic impact of China’s measures were felt across commodities markets, with metals prices trending downwards.  Prices of aluminum and nickel also fell.

    DXY down -0.01%, OKOIL down -2.29%

    Source: The Wall Street Journal

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