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Concern Over Covid Variants In Asia Cause 1% Drop In Oil Prices


Concern Over Covid Variants In Asia Cause 1% Drop In Oil Prices
by Ship & Bunker News Team
Monday July 12, 2021
After causing two key crude benchmarks to fall about
1 percent last week due to the
Organization of the Petroleum Exporting Countries (OPEC) failed output talks, traders on Monday refocused their concerns on the spreading Covid variants in
Asia, which have prompted renewed lockdowns in
Tokyo - and as a result caused another 1 percent decline in prices.
Brent fell
$73.78 per barrel, down
John Kilduff, founding partner at
Again Capital, said, “It has raised hackles in the market about demand recovery again: Asia is obviously essential, it’s a swing demand center, and this is a huge setback.” ....

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