Crude Oil Is On A High Today, Investors Survey Demand. This happened while investors examined the perspective for demand amid a Covid-19 comeback. Futures in New York rose to a level above $72 a barrel after increasing 0.4% the week prior. Th evidence is good that with better vaccine administration the demand for petrol has increased as well. Of course, the Delta COVID variant has placed pressure on many governments and markets. Lockdowns have also ramped up drastically in the face of new variants.
The most recent COVID increase has come at the same time as the hastily saved OPEC+ meeting. This meeting ended with provisions to add more oil to the markets next month. This has had the added benefit of increasing prices for oil ahead of this stimulus. But investors are expecting more restrictions throughout the remainder of this year. This will lead, theoretically, to even higher prices for crude oil. The quick time spread for Brent was 65 cents a barrel in backwardation. This displays a bullish market architecture with near-dated prices are more expensive than later-dated ones. That compares with 66 cents on last Friday.
Thailand, Vietnam, and others are issuing orders for curfews in certain cities to try and battle a spike in COVID cases. We see Germany and its senior politicians try out the possibility of more restrictive policies unvaccinated people. Many experts in the United States have commented that the country is not doing its best to mitigate another increase in cases. MetaNews is reporting daily on the fluctuations in the market caused by COVID resurgence. Crude Oil Is On A High Today, Investors Survey Demand.