{"id":205290,"date":"2021-08-09T20:32:04","date_gmt":"2021-08-09T20:32:04","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=205290"},"modified":"2021-08-09T20:32:04","modified_gmt":"2021-08-09T20:32:04","slug":"oil-prices-10","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-prices-10\/","title":{"rendered":"New losses in oil prices after fears of new Coronavirus wave"},"content":{"rendered":"<p>Oil prices recorded new losses during Monday&#8217;s trading, after the worst week since last October.<\/p>\n<p>The resurgence of the coronavirus pandemic has risen investor concerns about the short-term demand outlook.<\/p>\n<p>Futures contracts in New York fell near $65 a barrel, after falling by 8% last week.<\/p>\n<h2>Oil prices<\/h2>\n<p>The renewed outbreak of the pandemic led Goldman Sachs Group Inc. to lower its forecast for economic growth in China, which recently completed a mass testing program in Wuhan &#8211; the original epicenter of the pandemic &#8211; after new confirmed cases.<\/p>\n<p>Infections have also risen in the United States and Thailand.<\/p>\n<p>A stronger dollar weakens the attractiveness of raw materials, such as oil and gold.<\/p>\n<p>The currency maintained gains after jumping on Friday after a strong US jobs report fueled bets that the Federal Reserve may begin to ease its stimulus programme.<\/p>\n<p><strong>COVID restrictions renewed<\/strong><\/p>\n<p>Oil faced severe headwinds this month, as the rapidly spreading Delta strain of the virus swept across the globe, leading to renewed restrictions on movement in some areas.<\/p>\n<p>This coincides with the increase in production from OPEC+.<\/p>\n<p>The International Energy Agency is expected to provide an updated summary of the market on Thursday.<\/p>\n<p>OPEC+ group will increase monthly supplies by 400,000 barrels per day, starting in August, and continue until its entire production is revived during the epidemic period.<\/p>\n<p>While the recent outbreak of COVID-19 is making the outlook murky, it is estimated that the market will be able to absorb the additional barrels of production as demand accelerates.<\/p>\n<p>The price of West Texas Intermediate crude for September delivery contracts fell by 3.7% to reach $65.77 a barrel on the <a href=\"https:\/\/www.cmegroup.com\/company\/nymex.html\">New York Mercantile Exchange<\/a>, after recording a decline of 7.7% last week.<\/p>\n<p>Brent crude for October delivery contracts lost 3.5% to $68.26 on the European Stock Exchange in the Intercontinental Exchange trading of futures contracts, after declining by 0.8% on Friday.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices recorded new losses during Monday&#8217;s trading, after the worst week since last October. The resurgence of the coronavirus pandemic has risen investor concerns about the short-term demand outlook. Futures contracts in New York fell near $65 a barrel, after falling by 8% last week. Oil prices The renewed outbreak of the pandemic led [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":205291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278],"class_list":["post-205290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New losses in oil prices after fears of new Coronavirus wave | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Oil prices recorded new losses as the new wave of the pandemic has risen investor concerns about the short-term demand outlook.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/oil-prices-10\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New losses in oil prices after fears of new Coronavirus wave | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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