The global benchmark Brent crude recorded a rise in energy markets after recovering from the longest series of declines in more than three years, due to economic pressures from the latest return of the Corona virus and the rise of the dollar.
According to Arab Net, the global benchmark crude futures rose in London by 1.8% this morning, above $ 66 a barrel, while US West Texas Intermediate crude is trading above 63 Dollars, with stocks in Asia and other commodities rising, after oil prices fell for the seventh session on Friday in the worst series of losses since February 2018.
China has made progress in containing the fast-spreading delta variant of the coronavirus, bringing domestic cases back to zero, but the coronavirus continues to affect other countries and cloud the demand outlook. on fuel.
The sharp rise in oil prices in the first half of the year has faced strong headwinds recently, and developments in energy markets may prompt OPEC+ to reassess its pledge to continue boosting production every month. The group meets on the first of September.
The market will also be looking forward to the Jackson Hole symposium from Thursday, which may provide ideas on the Federal Reserve's plans to scale back bond purchases.
Asia is set to send excess diesel supplies to Europe and possibly the United States, with a delta variable affecting demand, as industrial fuel prices in Singapore have fallen compared to those in in Europe, spurring the flow of oil westward, in part due to the current state of each region's recovery from the pandemic.
