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Oil settled lower on Thursday, snapping a three-day rally. Traders reacted to rising COVID-19 infections that raised demand concerns, and to Mexico restoring some output after a fire disrupted supplies.
Brent settled down $1.18 at $71.07 and WTI fell 94 cents to $67.42.
Weaker demand expectations from COVID-19 and partial supply recovery in Mexico reduce near-term crude prices. Lower energy costs ease pressure on biofuel feedstock and transport expenses.
reuters.comLaura SanicolaAug 26, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
