Oil has been falling for six days in a row and is trading at a three-month low

oil, oil price, Brent, covid, OPEC

A barrel of Brent oil fell on the world market to $ 66.5 on Thursday. This is the lowest level since about the middle of the last decade of May. A similar drop in prices was also recorded for North American oil WTI.

After several weeks of falling oil prices, there are still concerns about the spread of variants of the SARS-CoV-2 delta virus. This increases the risk of reintroducing anti-epidemic measures, which could lead to the re-closure of parts of some major world economies. This would reduce the demand for energy raw materials, including oil.

At the beginning of July, the barrel of Brent oil was still trading at more than $ 76, which is currently about ten dollars less. A similar development was also recorded for North American WTI crude oil. The International Energy Agency (IEA) last week worsened the outlook for the oil market for the rest of this year.

Demand should be weaker than originally expected and oil prices should not rise sharply. However, it will mainly depend on the development of the epidemic and, consequently, the economic situation. However, OPEC has left its outlook unchanged for the time being.


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