Brent crude is trading at $75.44 per barrel

On Monday, oil is slightly cheaper after a significant rise in quotations at Friday's auctions on the optimism of traders regarding the prospects for demand for energy, Interfax reports.

Mass vaccinations and increased economic activity in large countries, especially the United States, are supporting oil demand despite renewed increases in COVID-19 incidence in many parts of the world. However, the spread of the new Delta strain and the lack of the OPEC+ deal on production volumes since August create uncertainty across the market.

By 8:10 a.m. Kyiv time, Brent September futures fell in price by $0.11 (0.15%) to $75.44 per barrel on the London ICE Futures exchange. On Friday, Brent rose in price by $1.43 (1.9%) up to $75.55 per barrel.

By this time, WTI August futures decreased by $0.05 (0.07%) to $74.51 per barrel at electronic trading on the New York Mercantile Exchange (NYMEX). The contract rose by $1.62 (2.2%) up to $74.56 per barrel during the previous session.

Both Brent and WTI lost 0.8% last week.

"Statistics continue to point to a significant increase in oil demand, but investors are increasingly concerned about the potential impact of the spread of the new strain of COVID-19," said Daniel Hines, an analyst at Australia and New Zealand Banking Group. “Questions regarding OPEC + production increase uncertainty,” Bloomberg quoted the expert as saying.

Tags: oil, oil production, coronavirus, OPEC+, price, petroleum products, Brent, WTI, COVID-19, economy, COVID‑19 vaccine

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