Biggest Weekly Loss For Oil Since March

Source: Jessica Summers and Sheela Tobben, bnnbloomberg.com, July 18, 2021

Despite the pullback, crude has surged about 13 per cent over the last three months as a global vaccine rollout helps restore economic activity.

Oil declined the most this week since March as a resurgence of Covid-19 threatened the outlook for global fuel consumption in the near-term.

While futures in New York edged up on Friday, yet but settled 3.7 per cent lower this week. The rapidly spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe. The U.K. is considering stricter measures due to a surge in cases, Singapore is shutting hundreds of nightlife venues, and in the U.S., a mask mandate has been reinstated in Los Angeles County.

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