Oil prices rise despite expectations of lower demand

Oil prices rose on Friday from 3-month lows, but were still on track for a weekly loss of more than 5% as new lockdowns in countries facing rises in the delta variable dampened the outlook for fuel demand.

According to “Reuters”, Brent crude futures rose 24 cents, or 0.4 percent, to $ 66.69 a barrel by 06:35 GMT.
And that after it fell 2.6 percent yesterday, Thursday, to its lowest level since last May.

US West Texas Intermediate crude futures for September delivery, due to expire today, Friday, rose 38 cents, or 0.6 percent, to $ 64.07 a barrel, after falling 2.7 percent yesterday.

The October contract for the most active West Texas crude also rose 26 cents to $ 63.76 a barrel.

And “Reuters” quoted analysts as saying that “the increasing restrictions on movement raises concerns about the demand for oil.”

It is noteworthy that the outbreak of the mutated Delta strain of the Corona virus in many countries of the world led to the imposition of strict general isolation measures, which affected global shipping and supply chains.