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Market Update: WTI Set for Biggest Weekly Fall Since Late October
WTI crude futures traded around $69.2 a barrel on Friday after hitting a two-week low at $67.6 on Thursday, amid rising tensions in the Middle East, which seen as a step back for nuclear deal talks between Iran and world powers. Meantime, the EIA Petroleum Status Report showed a surprise build in US crude stocks last week, which was the biggest rise since the first week of May. For the week, the US benchmark is on track for its biggest weekly decline since late October, as the rapid spread of the Delta variant of COVID-19 globally clouded the demand outlook. Daily new virus cases in the US have climbed to a six-month high, with more than 100,000 infections reported nationwide; while there were 125 new virus cases in China on Friday, the highest since mid-January. [/s2If]
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