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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