Global crude prices closed the week on a negative note after the International Energy Agency (IEA) trimmed its outlook for global oil demand in 2021 and the US encouraged OPEC and its allies to increase their output in order to lower prices and fuel an economic recovery. Brent, the international benchmark for two-thirds of the world’s oil, shed $0.72 (-1.01 percent) to reach $70.59 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $68.44, down by $0.65 (-0.94 percent). The price for Opec Basket was recorded at $71.32 a barrel with 1.13 percent increase, Arab Light was available at $71.88 a barrel with 0.72 percent decrease, while the price of Russian Sokol slipped to $70.77 after shedding 1.10 percent. In a recent report the Paris-based IEA stated that global demand for oil reversed course in July due to the surge in cases of the Covid-19 delta variant, and is now set to continue at a slower pace for the remainder of the year. According to experts, the International Energy Agency lowered its forecast for demand in oil for the rest of the year as Covid cases spike again. They said the energy sector was brought through the wringer last year when the price of oil collapsed from around $50 to $15, and then it rebounded all the way up to north of $70 sort of 12 months later. Despite these concerns, they said energy is “under-owned,” as it makes up only approximately 3pc of the S&P 500. They suggested that the sector is valuable, pointing to its past earnings season. Taking a technical perspective, they pointed out how energy equities have outperformed the fundamental commodity itself: crude oil.