play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
volume_up
chevron_left
  • cover play_arrow

    Music 24/7 - Feel the vibe
    Online Radio

  • cover play_arrow

    Talk Shows - Stay Updated
    Online Radio

  • cover play_arrow

    Pillars and Plants - Gospel
    Online Radio

  • cover play_arrow

    Audio Stories - A new movie experience
    Online Radio

  • cover play_arrow

    Welcome to the Leading Lifestyle Internet Radio
    Online Radio

  • Home
  • keyboard_arrow_right Business
  • keyboard_arrow_right Oil Price Falls For Sixth Consecutive Day Amid Spike In Fresh COVID-19 Cases

Business

Oil Price Falls For Sixth Consecutive Day Amid Spike In Fresh COVID-19 Cases

Oluwaseye Ogunsanya August 19, 2021 21


Background
share close

Crude oil prices have dropped for the sixth consecutive day, longest losing streak since February 2020 amid spike in fresh COVID-19 cases globally.

Brent, the global oil benchmark, fell by 2.14 percent to $66.09, on Thursday morning.

This is the sixth consecutive fall since the commodity recorded a downward spiral on August 12.

Before the fall, Brent crude traded at $71.44 before dropping by a week low amid a decline in refining output in China and fresh outbreaks in COVID-19.

U.S. West Intermediate crude (WTI) also fell by 2.9 percent to $63.02 per barrel.

Brent slumped more than five percent, while WTI dropped over seven percent during the six-day losing streak.

This development occurs amid rising cases of COVID-19 occasioned by the Delta variant.

It has heightened fears over slower fuel demand as countries adopt new lockdown measures to curtail spread of the virus.

A surprise build in US gasoline inventories also added to pressure, fuelling concerns over slowing demand.

According to the Energy Information Administration (EIA), US crude inventories fell 3.2 million barrels last week to 435.5 million barrels, their lowest since January 2020.

In Nigeria, a decline in the price of Brent will affect government revenue as crude oil remains the major source of foreign exchange.

Meanwhile, in June, Brent crude crossed the $75 mark — its highest level since April 2019 — granting a potential boost to Nigeria’s oil export revenue.

Less than a month later, oil climbed $77.78 per barrel — the highest since October 2018.

But the spread of the COVID-19 Delta variant globally has created more speculation for falling oil prices.

Tagged as: , , .

Rate it
Previous post
Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *