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Title: Oil Down, Surge in COVID-19 Cases Globally Continues to Threaten Fuel Demand

Aug 16, 2021 12:40AM ET

By: AnalysisWatch

Oil fell on Monday morning in Asia, falling over 1% and dipping under the $70 mark. Concerns stayed that the prohibitive measures presently set up to check the most recent COVID-19 episodes would keep on hosing the fuel request standpoint.

Brent oil fates fell 1.06% to $69.84 by 12:36 AM ET (4:36 AM GMT) after edging lower during the earlier week. WTI fates slid 1.11% to $67.45 after recording a slight ascent last week. WTI prospects additionally turned over to the Oct 21 agreement on Aug. 15.

Information delivered in China before in the day said mechanical creation rose 6.4% year-on-year in July, and retail deals developed 8.5% year-on-year around the same time, both lower than anticipated. A new fixing of prohibitive measures because of the most recent COVID-19 flare-up was a conceivable supporter of the disillusioning information from the world's top oil merchant.

In adjoining Japan, the GDP developed 0.3% quarter-on-quarter and 1.3% year-on-year in the subsequent quarter. The figures come notwithstanding portions of the nation staying under a highly sensitive situation to control the most recent episode in the country.

The obscuring fuel request standpoint fits the International Energy Agency's dismal forecast during the earlier week that request would increase at a more slow rate for the rest of 2021, in the wake of switching its pattern upwards in July because of COVID-19 flare-ups including the Delta variation all around the world.

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