Oil market conditions: WTI oil closes minus 46 cents.

New York’s West Texas Intermediate (WTI) crude futures closed lower last night (July 12) as investors worried that The heavy spread of the COVID-19 virus especially the delta virus It will affect the economy and oil demand in the world market. In addition, the oil market is also pressured by the failure to reach an agreement of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus

WTI crude oil contract for delivery in August It was down 46 cents, or 0.6%, at $74.10 a barrel.

Brent crude oil contract (BRENT) for delivery in September It was down 39 cents, or 0.5%, at $75.16 a barrel.

Analyst at Restad Energy said “Oil prices have been pressured by concerns about the economic impact of the COVID-19 pandemic. Especially the Delta virus, which can spread more quickly. Currently, the number of infected people is increasing in many countries around the world. And if the governments of those countries enact tougher measures to contain the outbreak It will affect the economy and oil demand.”

The latest data from Worldometer shows the total number of confirmed cases of COVID-19 Globally, the cumulative number is 187,881,480 and the death toll stands at 4,052,664, with the United States having the highest number of infections in the world at 34,733,831 and the highest number of deaths in the world at 622,850.

Oil prices have also been pressured by the failure to reach an OPEC Plus deal. Analysts are concerned that the conflict could cause countries to compete for oil production. OPEC Plus has decided to postpone the meeting indefinitely. After Saudi Arabia and the United Arab Emirates (UAE) conflict over oil production policies.

Investors Keep an Eye on the Weekly US Crude Stock Report The US Energy Information Administration (EIA) will release the information tomorrow at 9:30 p.m. Thai time.


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