Oil falling in price by over 1% on fears for demand

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Global oil prices fell on Aug. 16 morning amid lingering fears over demand amid the coronavirus pandemic, Report informs referring to Prime agency.

As of 9:07 (GMT+4), the price of October futures for Brent crude oil decreased by 1.05 percent to $69.85 per barrel. October futures for WTI oil fell 1.08 percent to $67.47 per barrel, September futures – by 1.07 percent to $67.71.

The rise in COVID cases in several countries, especially in Asia, is forcing the authorities to introduce new restrictions on the movement of citizens.

“The delta worries are tightening their grip on oil market sentiment,” said Vandana Hari, founder of energy consultant Vanda Insights, adding that the summer travel and tourism boom in the West is petering out. “The market will likely remain in flux, at least until the delta wave shows a significant and sustained retreat, especially in the US and China.”


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