Oil prices are falling due to the complications of the mutating delta

Baghdad Oil prices fell today, Wednesday, for the third day in a row, amid growing fears that the increasing spread of the “delta” variant of the Corona virus in major consuming countries will reduce demand for fuel.

Brent crude futures fell 3 cents, or 0.04%, to $72.38 a barrel, while US West Texas Intermediate crude fell 17 cents, or 0.24 percent, to $70.39 a barrel.

The United States and China, the world’s two largest oil consumers, are struggling with a rapidly spreading outbreak of the highly contagious delta variant that many fear will curb demand for fuel at a time when it has traditionally been rising in both countries.

In China, the spread of a type of delta from the coast to inland cities prompted the authorities to impose strict measures to control the outbreak. However, escalating geopolitical tensions in the Gulf may offset demand concerns.


Source: National Iraqi News Agency