Aug 23, 2021 - Energy & Climate
Oil's backward summer march
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Crude oil prices were jumping Monday morning, but they've been on a largely downward path this month with especially steep declines last week.
Why it matters: The Delta variant's spread is one reason for the price drops as traders assess the trajectory of the demand recovery.
What they're saying: Fujitomi Securities chief analyst Kazuhiko Saito said: "We expect to see more adjustments this week, but the market sentiment will likely remain bearish, with growing concerns over slower fuel demand worldwide," per Reuters.
By the numbers: Brent crude was trading around $67.30 at 8:30 a.m. ET on Monday while WTI, the U.S. benchmark, is at $64.15.
