Prices head for a weekly loss of over 6% as new lockdowns in countries facing surging cases of the Delta variant dampen the outlook for demand
The London Stock Exchange building. Picture: REUTERS/TOBY MELVILLE
Broader investor risk aversion also weighed on oil with the US dollar jumping to a nine-month high on signs the Federal Reserve is considering reducing stimulus this year. US West Texas Intermediate crude futures for September, due to expire on Friday, fell 49 cents or 0.8% to $63.2 a barrel and were down more than 7% for the week.
“Japan has extended its emergency lockdown and confirmed cases are on the rise in countries such as South Korea, Malaysia, Philippines, Vietnam and Thailand, whose industries need oil, which will also be affected by the Delta variant,” Yang added.
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