The drop on the oil side was due to Asian concerns about COVID-19 restrictions on fuel demand

oil side

Oil prices fell slightly on Monday as the restoration of the main pipeline network in the United States eased concerns about oversupply, and the new round of COVID-19 restrictions in Asia has also intensified people’s concerns. on falling demand. The gasoline shortage that ravaged the East Coast of the United States gradually diminished Sunday, and as Colonial Pipeline Company’s 5,500-mile (8,900 kilometers) system recovered from a severe cyberattack, another 1,000 service stations were added. 

Brent crude oil futures fell 8 cents, or 0036 GMT, 0.1% GMT, to $ 68.63 a barrel, and West Texas Intermediate (WTI) crude oil fell 7 cents, or 0.1%, at $ 65.30. Last Friday, the two contracts were up nearly 2.5% and were up slightly last week, which is the third consecutive week of earnings. 

Oil prices are under pressure as the peak of the COVID-19 pandemic is spreading from India to other parts of Asia, intensifying concerns about a slowdown in the recovery in fuel demand, “said the lead analyst Kazuhiko Saito. Crude oil prices will remain within the trading range this week and support are expected to be around $ 63 a barrel. 

“Investors are still concerned about the spread of the highly communicable variant of the coronavirus discovered for the first time in India. Some other Indian states said on Sunday they will extend the COVID-19 embargo to contain the pandemic, which has already killed it. more than 270,000 people in the country. 

There is concern that the country’s annual budget may be flat because it did not cause a second wave of serious COVID-19 infections. Singapore will close most schools on Wednesday because the country has recorded the highest level of COVID-19. The number of infections. 

A few months later, Japan announced that it would enter a state of emergency in three other prefectures affected by the pandemic. At the same time, US energy companies added oil and gas rigs for the third week in a row, for reasons. It is rising crude prices that have prompted some drilling companies to return to oil-producing countries. 

Energy services company Baker Hughes Co (Baker Hughes Co) said on Friday that in the Middle East, the ruling militant group Hamas in Israel and Gaza are facing increasing demands from the international community. 

The call for a ceasefire entered the second week of Monday and has no end. As long as the fight does not extend to the oil-producing countries of the region, the impact on the oil market will be limited. “

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