Daily Times

Oil futures continued their downward slide for the third straight day on Wednesday amid the coronavirus-influenced economic concerns.

At 1355 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.92 (-1.27 percent) to reach $71.49 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $69.41, down by $1.15 (-1.63 percent).

The price for Opec Basket was recorded at $73.89 a barrel with 1.45 percent decrease, Arab Light was available at $72.54 a barrel with 0.37 percent decrease, while the price of Russian Sokol slipped to $72.20 after shedding 0.30 percent.

According to experts, oil prices are on the back foot on mounting concerns that the increasing spread of the delta variant of the coronavirus in top-consuming countries including the United States and China will cut fuel demand. The United States and China are grappling with rapidly spreading outbreaks of the highly contagious delta variant that analysts fear will limit fuel demand at a time when it traditionally rises in both countries as the summer travel season hits its peak.

They said that US stockpile data has provided some support for prices as crude oil, distillate and gasoline inventories declined. Crude stockpiles fell by 879,000 barrels for the week ended July 30. Gasoline inventories fell by 5.8 million barrels and distillate stocks fell by 717,000 barrels, according to the people familiar with the development.