On Tuesday morning, oil quotes stabilized after falling by a total of about 3% in the previous three sessions, Interfax reports.
By 8:10 am Kyiv time, Brent October futures fell in price by $ 0.02 (0.03%), to $ 69.49 per barrel on the London ICE Futures exchange. During the trading on Monday, the price fell by $1.08 (1.5%) to $69.51 per barrel.
WTI September futures by this time rose in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.01 (0.01%) to $67.3 per barrel. A day earlier, WTI fell by $1.15 (1.7%) to $67.29 per barrel.
The rapid spread of the new Delta coronavirus strain has triggered a new wave of concerns about the outlook for raw material demand in the global market.
Statistics from China, released on Monday, showed that the country's economy has already felt the negative effects of the restrictive measures introduced to contain the Delta. In the US, gasoline consumption declined for the third straight week, according to data from Descartes Labs.
In India, however, gasoline demand in the first half of August remained above levels in the same period in pre-crisis 2019, Bloomberg reported.
“Periodic corrections in the oil market are likely to be short-term and the long-term trend remains bullish,” said John Driscoll, an analyst at JTD Energy Services. - We see signals of economic recovery. Demand will increase unless the spread of the delta leads to new large-scale lockdowns."
Goldman Sachs experts believe that the threat of the spread of the Delta strain for the oil market is temporary and stick to the forecast, according to which the price of Brent will rise to $80 per barrel in the next quarter due to lack of supply in the market.