WTI Crude Oil prices fall on recent covid worries

The latest reports by economic analysts indicate that WTI Crude oil prices fall on recent covid concerns. In particular, we are reading that: 

Oil prices decline as economic worries offset tightening supplies. Technical analysts suggest:

• Oil prices were slightly modified in early Asian trade on Monday (July 12) as a scrape in discussions between the key producers to raise output in the following months, kept supplies tight.

• After a 3-week low, WTI delays its recovery during a careful new-week beginning.

• Upbeat EIA stocks data, risk-on mood rescue the oil bulls last week.

• Covid worries remain a risk due to the Delta variant’s widespread worldwide.

• Oil prices dropped on Tuesday (July 6) after the Organization of the Petroleum Exporting Countries (OPEC+) and their associates refused to increase output from August.

• Meanwhile, the United Arab Emirates turned down a proposed 8-month extension to OPEC+ output curbs.

(Sources: fxstreet.com / economictimes.indiatimes.com / cnbc.com)

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