Oil expert Dr. Fahd bin Jumaa expected, in an interview with Al-Arabiya, that the three factors, the rise of the dollar, the spread of the “Delta” strain of “Corona”, and the increase in US stocks, would remain pressing factors on the oil market.
Bin Juma’a indicated that the greatest danger is not in Current price levels, but concern arises over the expectation of future declines greater than current ones.
He talked about the increase in US gasoline inventories of nearly 700,000 barrels with the increase in US distillation oil exports, as well as many factors that have changed with the increase in US oil production and exports.
Oil prices recorded the largest weekly loss in more than 9 months, coming down in another session on Friday, as investors sold futures contracts in forecast of weak fuel demand in around the world due to the high cases of Covid-19 infection.
The crude oil market has so far suffered losses for 7 consecutive days. Due to the increasing frequency of infection due to the delta strain of Coronavirus, many countries in around the world are increasing travel restrictions to stop the spread.
China has imposed stricter disinfection methods in ports, causing congestion, countries including Australia have tightened travel restrictions, and global demand for jet fuel has started to decline after improving for much of the summer.
Brent crude fell 8% during the week and fell to $ 1.27, or 1.9%, to $ 65.18 a barrel, its lowest level since April.
West Texas Intermediate crude for September delivery has been settled in down $ 1.37, or 2.2%, to $ 62.32 a barrel today, losing more than 9% over the week.
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