However, tensions in the Middle East kept oil price declines in check
A liquefied natural gas tanker at a port of the China National Offshore Oil Corporation in Tianjin, China. Picture: REUTERS/STRINGER
Brent crude oil futures dropped 38c, or 0.54%, to $70 a barrel by 8.37am GMT after dipping below that threshold for the first time since July 21. “The Covid-19 resurgence and the reimposition of restrictions will have negative repercussions on domestic transport fuel demand in the near term,” they said, adding that FGE expects petrol demand to average about 80,000 barrels per day less in August than in July.
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