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In the US, oil prices upwards with a reflection on the stock and raw materials markets
Author:Mariusz Dasiewicz
Oil prices on the New York fuel exchange are rising with a wider reflection on Monday in global stock and raw materials markets," said brokers.
West Texas Intermediate oil supply for October at the NYMEX fuel exchange in New York City costs US$63.27, higher by 1.82%.
Oil Brent in deliveries for October on the ICE Futures Europe fuel exchange in London costs US$66.42 per barrel, higher by 1.90 percent.
Investors monitor the development of the pandemic situation in the world.
The Chinese authorities have made progress in reducing the rapidly spreading Delta coronavirus variant, bringing the number of new recorded local cases to zero – this is the latest data from August 22.
Meanwhile, in other regions coronavirus continues to affect the economy, and this obscures the prospect of fuel demand.
The number of infections reported in Thailand with coronavirus exceeded one million on Friday. 97 percent of these have occurred in the last five months.
This Asian kingdom is the fourth country in terms of the number of coronavirus infections.
Since Saturday, however, milder regulation has been in force in the Philippines regarding the Covid-19 pandemic. The President of this country Rodrigo Duterte decided to loosen restrictions for the sake of the economy, although high numbers of new coronavirus infections are noted.
On Friday 21 September, the US extended its land borders with Canada and Mexico for journeys not considered necessary, for example for tourism.
The Washington authorities made such a decision, even though Canada had already announced in July that from 9 September it would open its limits to the vaccinated against Covid-19 Americans.
Meanwhile, investors are waiting for the start of a symposium of central bankers in Jackson Hole, wanting to know how the US Federal Reserve plans to reduce bond purchases due to preparations to limit the stimulation of the US economy, which may affect demand.
"In the markets, you can see buying after inheritances courseThis risk-affected asset is assessed by Vandan Hari, co-founder of Vanda Insights.
"Now we are waiting for the OPEC+ movement, and this one will depend on the increase in oil prices and its sustainability. The chances of temporarily stopping oil supply growth are quite large," he adds.
Friday oil WTI on Nymex lost 2.1 percent.
Source: PAP
