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Oil is set to suffer its biggest weekly loss this year, as the delta-variable spread of the Corona virus cast doubt on the continued recovery in demand, especially in China, the world’s largest importer of crude.
US West Texas Intermediate (WTI) crude traded near $69 a barrel on Friday, and is down 6.5% so far this week in what is the biggest drop since the period through October 30, while Brent is trading above $71 a barrel.
A sudden jump in US crude oil inventories hurt prices as well.
China has imposed a variety of movement restrictions to combat the spread of the highly contagious delta mutant, including canceling flights and train services. However, the country reported 101 infections on Friday, including 21 asymptomatic people, the largest daily rise in more than six months.
After rising energy prices in the first half with rising demand and declining inventories, the final chapter of the pandemic has made the process of crude oil rising more difficult. Futures made slight gains in July, but took a stronger hit this month. For now, the Organization of the Petroleum Exporting Countries and its allies still plan to continue adding more supplies each month, as part of the latest agreement.
Elsewhere in the Asia Pacific region, delta-driven cases are still strongly dominant. In Thailand, daily cases hit another record, with infections exceeding 700,000 in countries where tightening containment measures have failed.
In Australia, the number of daily infections in Sydney reached an all-time high, and authorities warned that the situation in the country’s largest city could worsen.