Covid Fears Reinfect Crude Traders, Oil Prices Plunge Over 3%
by Ship & Bunker News Team
Monday August 2, 2021 Analysts note that Covid is affecting sentiment far more than fundamentals: File Image/Pixabay Crude prices were off to a rocky start for August as ever-fearful traders, who last week took heed of data showing that global demand hasn t been affected by the Covid Delta variant, reversed gears on Monday on news of fresh outbreaks in
China and
New Yorkdeclined by over
3 percent, the most in two weeks. West Texas Intermediate slipped $71.41 per barrel, while Brent traded down
$2.35 (
“
Carsten Menke, analyst, Julius Baer
Rebecca Babin, senior energy trader at