Oil down amid Saudi-UAE continuing feud
Oil was down in Asia on Thursday morning for the third straight session as investors keep a close watch on the continuing dispute between Saudi Arabia and the United Arab Emirates (UAE) that has affected the world’s fuel supply.
Brent oil futures plummeted 0.35% to $73.17 by 10:27 PM ET (2:27 AM GMT) while crude oil WTI futures sank 0.48% to $71.85.
Crude oil supply data from the American Petroleum Institute (API) have revealed a draw of 7.983 million barrels for the week ending July 2.
Oil prices have skyrocketed by almost 50% so far in 2021 as demand for the black liquid bounced back and the Organization of the Petroleum Exporting Countries and allies (OPEC+) reduced fuel production previously. However, investors are worried over the OPEC+ supply deal and the COVID-19 delta variant’s possible effect on the fuel demand recovery.
“People are just wildly uncertain” about how the OPEC+ stalemate will impact the future output, Edward Moya, Oanda Corp’s senior market analyst said in a statement.