Crude set for worst week since March on OPEC+ anxiety, shows data

Futures in New York fell 0.6 per cent toward $71 a barrel after closing at the lowest in a month on Thursday

Crude set for worst week since March on OPEC+ anxiety, shows data
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A stronger dollar has also weighed on crude this week, making raw materials priced in the US currency less attractive to investors

Bloomberg
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an Opec+ deal to increase supply clouded the short-term outlook.

Futures in New York fell 0.6 per cent toward $71 a barrel after closing at the lowest in a month on Thursday. The fast-spreading delta variant is sweeping across the globe, leading to renewed restrictions and curbing fuel demand. The United Arab Emirates is nearing a deal that would give it better terms and allow Opec+ to boost output in the coming months, although details remain scant.

A stronger dollar has also

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First Published: Jul 17 2021 | 12:00 AM IST

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