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Oil prices extended their decline on Tuesday, with Brent falling about 9% and WTI about 10% from Friday's settlement. The selloff followed OPEC+ agreeing to resolve a weeks-long deadlock and add output, and it was driven by fears that rising Delta variant cases would bring lockdowns and weaker demand.
Brent traded near $68.80 per barrel and WTI near $66.78.
Demand worries combined with an agreed OPEC+ supply increase push crude lower, which weakens energy costs and biofuel economics that support grain and oilseed demand. The price implication for feed buyers is softer energy-linked input costs and modest pressure on biofuel-driven vegetable oil and corn demand.
thenationalnews.comJennifer Gnana20 Jul 2021Setelah 565 peristiwa makro bearish sebelumnya, Minyak Mentah (WTI) bergerak median -1,4% selama 5 sesi (41% lebih tinggi; separuh tengah -5,9% sampai +3,0%), dan -0,5% selama 20 sesi.
Setelah 312 peristiwa makro bearish sebelumnya, Minyak Mentah (Brent) bergerak median -1,7% selama 5 sesi (38% lebih tinggi; separuh tengah -5,4% sampai +2,3%), dan -1,7% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Describes the roughly 10% WTI decline from Friday's settlement, driven by the OPEC+ output increase and lockdown/demand fears.
