Oil futures threatened to extend a losing streak to three days Wednesday, losing ground ahead of official data on U.S. crude inventories.
West Texas Intermediate crude for September delivery CL00, -1.96% CLU21, -1.93% fell 30 cents, or 0.4%, to $70.26 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, -1.45% BRNV21, -1.44%, the global benchmark, was off 13 cents, or 0.2%, at $72.28 a barrel on ICE Futures Europe.
Crude prices are facing pressure this week as the spread of the delta variant of the coronavirus that causes COVID-19 stokes concerns about the outlook for demand, particularly in China, the world’s second largest economy.
Usoil has fallen into an Imbalance zone. If price rejects at this point but fails to create a higher high we could see a continuation to the downside to break the the previous lows.
West Texas Intermediate crude for September delivery CL00, -1.96% CLU21, -1.93% fell 30 cents, or 0.4%, to $70.26 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, -1.45% BRNV21, -1.44%, the global benchmark, was off 13 cents, or 0.2%, at $72.28 a barrel on ICE Futures Europe.
Crude prices are facing pressure this week as the spread of the delta variant of the coronavirus that causes COVID-19 stokes concerns about the outlook for demand, particularly in China, the world’s second largest economy.
Usoil has fallen into an Imbalance zone. If price rejects at this point but fails to create a higher high we could see a continuation to the downside to break the the previous lows.
