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Market Update: Brent Crude Hovers Near $75 a Barrel
Brent crude futures traded nearly $75 a barrel on Tuesday, as prospects of tight supplies and strong US demand offset concerns about the spread of the Delta coronavirus variant. Coronavirus cases continued to spike during the weekend, especially in the US, China, and some Southeast Asian nations. Traders continue to digest rising US crude stockpiles and OPECs agreement to increase overall crude production by 400,000 barrels per day monthly starting August. In China, meantime, the average utilization rate of the country’s four state-owned refineries, including Sinopec, PetroChina, CNOOC, and Sinochem, was around 82% in July, steady compared with 82.4% in June, a four-month high, according to S&P Global Platts. [/s2If]
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