Aug 23, 2021 - Energy & Environment

Oil's backward summer march

Chard of crude oil prices
Data: FactSet; Chart: Will Chase/Axios

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.

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