# Market Summary: August 8, 2021 | news.cqg.com

> Petroleum prices fell sharply in the week to August 6 as the delta variant of COVID-19 hit demand, with WTI down 7.7% and Brent down 6.3%. Restrictions in China cut road traffic to about 70% of normal, and the dollar index rallied to 92.78.

- Date: 2021-08-01 · published 2021-08-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/45750-market-summary-august-8-2021-news-cqg-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Weaker demand from China and a stronger dollar reduce energy prices and make US dollar-priced commodities less competitive abroad. The weekly move is a demand-driven market wrap rather than a new supply shock.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Sources

- news.cqg.com: https://news.cqg.com/blogs/commentary/2021/08/market-summary-august-8-2021

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.