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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 de jul. de 2021Após 565 eventos baixista de macro passados, Petróleo (WTI) subiu em mediana -1,4% em 5 sessões (41% de alta; metade central de -5,9% a +3,0%), e -0,5% em 20.
Após 312 eventos baixista de macro passados, Petróleo (Brent) subiu em mediana -1,7% em 5 sessões (38% de alta; metade central de -5,4% a +2,3%), e -1,7% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Describes the roughly 10% WTI decline from Friday's settlement, driven by the OPEC+ output increase and lockdown/demand fears.
