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Brent crude, the global benchmark, rose on Monday, amid growing market sentiment after surpassing the longest string of declines in more than three years, amid economic pressures from the latest Corona virus resurgence and a stronger dollar.
Futures on global benchmark crude rose more than 3% in London, above $ 67 a barrel, while US West Texas Intermediate crude is trading above $ 64, with shares rising. Asia and other commodities up, after oil prices fell for the seventh session on Friday in the worst string of losses since February 2018.
China has made progress in containing the rapidly spreading delta variant of the coronavirus, reducing national cases to zero, but the coronavirus continues to affect other countries and darkens the outlook for fuel demand.
The sharp rise in oil prices in the first half of the year has recently been confronted with strong headwinds, and developments in energy markets may prompt OPEC + to reassess its commitment to keep growing. production each month, as the group meets on September 20.
The market will also look forward to Thursday’s Jackson Hole Symposium, which could provide ideas on the Federal Reserve’s plans to reduce bond purchases.
Asia is poised to send oversupply of diesel to Europe and possibly the United States, with a delta variable affecting demand, as industrial fuel prices in Singapore have fallen relative to those in the ‘Europe, stimulating the flow of oil to the west, in part because of the current state of recovery for each region of the epidemic.
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