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Petroleum prices fell for a second straight week, with WTI down 3.7% and Brent down 2.6%. Weak refined product demand after the July 4 holiday, COVID-19 Delta concerns and uncertainty over the OPEC+ agreement weighed on prices.
Softer demand signals and OPEC+ uncertainty point to lower crude prices, which reduce input costs for energy and transport across the feed chain.
news.cqg.comAndy HechtJul 18, 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.
Weekend summary of weak product demand, Delta concerns and OPEC+ uncertainty gives the backdrop that set up Monday's selloff.
