• Home
  • Business News
  • Weekly Reviews
  • Market Reports
Friday, May 30, 2025
  • Login
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
No Result
View All Result
Home Global Markets Commodities

Oil Prices Decline as Rise in COVID-19 Cases Threatens Supply

Leah Wamugu by Leah Wamugu
in Commodities
Reading Time: 2 mins read
A A
0
Brent Crude Oil price wti

An Oil Rig off the coast of the Pacific ocean. [Image/Getty]

Share on FacebookShare on Twitter

Oil prices were lower on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year.

RELATED POSTS

Oil Prices Soar as Iran fires missiles at Israel

Gold Prices Gain as Recession Fears Loom Amidst Weaker Global Economic Data.

Oil Prices Decline as Market Readies for Iraqi Kurdistan Exports.

Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT

while the U.S. Texas Intermediate crude was at $71.99 a barrel, down 8 cents.

oil chart
U.S WTI Performance Chart

Both contracts recovered from a 7% slump last Monday and marked their first gains in 2-3 weeks last week as investors bet demand would stay strong amid falling oil stockpiles and rising vaccination rates.

“We saw an over reaction in the market last Monday, and like all other technical corrections so far oil’s downturn has typically proven short lived. Bargain hunters came in droves when Brent got below $70 and the economic demand for energy looks robust.” Howie Lee, an economist at Singapore’s OCBC Bank.

However, coronavirus cases continued to rise over the weekend with some countries posting record daily increases and extending lockdown measures that could slow oil demand. China, the world’s largest crude importer, has also seen a rise in COVID-19 cases while the nation battled severe floods and a typhoon in central and eastern parts of the country.

Also, Beijing’s crackdown on the misuse of import quotas combined with the impact of high crude prices could see China’s growth in oil imports sink to the lowest in two decades in 2021, despite an expected rise in refining rates in the second half. However, expectations of tight supplies are underpinning prices.

Global oil markets are expected to remain in deficit despite a decision by the Organization of the Petroleum Exporting Countries and their allies to raise production through the rest of the year.

Buy JNews
ADVERTISEMENT

The prospect of a swift return of Iranian supplies is diminishing as talks to revive a 2015 nuclear deal have been pushed back to August. Meanwhile, the United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt a harder line whenever it does, a U.S. official said.

In the United States, the recovery in oil drilling has been modest as producers restrained spending. U.S. oil rigs rose by seven to 387 last week, their highest since April 2020, energy services firm Baker Hughes Co said on Friday.

Post Views: 968
Tags: Brent CrudeCrude OilOilOil FuturesspotlightWTI Oil Index
Previous Post

NSE Weekly Market Review – Week 29, 2021

Next Post

Vodafone CEO Hints M-pesa Spin-Off and Introduction of the Mobile Service to Other Countries

Leah Wamugu

Leah Wamugu

Related Posts

Brent Crude Oil Prices WTI
Business News

Oil Prices Soar as Iran fires missiles at Israel

by Githere Eddie
Gold
Commodities

Gold Prices Gain as Recession Fears Loom Amidst Weaker Global Economic Data.

by Felix Ochieng
Crude Oil Prices
Commodities

Oil Prices Decline as Market Readies for Iraqi Kurdistan Exports.

by Githere Eddie
oil
Commodities

Oil Falls to 7-Month Low on Renewed Demand Fears, Rate Hike Expectations

by Rosemary Muthoni
Next Post
Vodafone CEO Nick Read

Vodafone CEO Hints M-pesa Spin-Off and Introduction of the Mobile Service to Other Countries

Asian Markets

Asian Markets Edge Lower, Hang Seng Index Declines 4% Leading Losses in the Region

NSE

Market Report; 26 July 2021

Advertisement Banner Advertisement Banner Advertisement Banner
ADVERTISEMENT

Most Viewed Posts

  • Tea Farmers Set to Receive Kes 28 Billion as Final Bonus Payment (4,109)
  • 4 Things You Can Do With the Cashlet App to Achieve Your Financial Goals (2,201)
  • Hilda Njeru Takes over at CDSC (2,069)
  • Safaricom Finally Launches eSIM: Here’s What You Need to Know (1,922)
  • KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits (1,808)

Follow Twitter

About Us

Follow Us

Popular Tag

Africa Asian - Pacific Stocks Asian Stock Markets Australian Stocks Bitcoin Bonds Kenya Bonds Trading in Kenya Brent Brent Crude Capital Markets Authority Central Bank of Kenya Corona Virus Pandemic Crude Oil Cryptocurrencies Derivatives NSE Derivatives Trading in Kenya Dow Jones Industrial Average Ethereum European Stock Markets Global Economy Global Markets Hang Seng Index Investing in Kenya Investor Briefing Jakarta Stock Exchange Kenya Economy Kospi index MSCI Index Nairobi Securities Exchange NASDAQ New York Stock Exchange Nikkei N225 NSE Oil Futures S&P 500 Index Safaricom Plc Shanghai Composite Shenzhen component spotlight Stock Market Report Stock Market Review U.S. Stock markets US oil Wall Street WTI Oil Index

Recent News

HF Group Plc CEO Robert Kibaara

HF Group Posts Solid Growth as Q1 Pre-tax Profit Soar 112%

Absa Bank Kenya PLC Managing Director, Abdi Mohamed

Absa Bank Kenya Reports KES 6.2 Billion Net Profit in Q1 2025 Amid Market Challenges

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 The Trading Room Limited.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
TSLA 
$358.43  0.43%  
GME 
$29.57  5.25%  
MSFT 
$458.68  0.29%  
AAPL 
$199.95  0.23%  
AMC 
$3.42  1.16%  
ABNB 
$128.36  0.24%  
GOOGL 
$171.86  0.29%  
AMZN 
$205.70  0.48%  
No Result
View All Result
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports

© 2025 The Trading Room Limited.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?