Global Oil Prices Weaken to US$73.03 per Barrel (Monday, July 26, 2021)

Global oil prices weakened in trading on Monday, July 26, 2021, until 11:25 WIB. Brent crude oil was priced at US$73.03/barrel, down 0.98% from the previous trading session. Meanwhile, West Texas Intermediate (WTI) crude oil was priced at US$71.66/barrel, down 0.94%.

Quoting Bloomberg, oil prices increased slightly after investors assessed demand projections amid rising Covid-19 cases. Several indicators suggest increased fuel demand, such as gasoline, in line with ongoing vaccination programs, although the spread of the delta variant is a concern for short-term projections. Stricter restrictions have also been re-implemented, including curfews in some areas.

The resurgence of Covid-19 coincides with the agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to increase supply starting in August. This situation affects discussions regarding oil and its price. Nevertheless, expectations for a tighter market are driving higher prices towards the end of 2021.

[Read: Global Oil Prices Weaken to US$72.55 per Barrel (Monday, July 19, 2021)]

Note:
The global oil prices on the graph have been updated according to the latest data.