Wednesday, August 4, 2021

Crude oil prices hold firm, trading in tight range as European economic reopenings offset gloom from surging COVID-19 cases

Crude oil prices held firm today, trading in a tight range as European economic reopenings offset gloom from surging COVID-19 cases in Asia and underwhelming Chinese manufacturing data.

Brent crude oil futures rose 3 cents to USD 68.74 a barrel, and US crude was up 4 cents at USD 65.41 a barrel. Both contracts have risen more than 30 per cent since the start of the year.

The British economy reopened today after four months of COVID-19 lockdowns. France, Portugal, Spain and the Netherlands have also eased COVID-related restrictions in recent weeks.

The promise of strong economic growth has kept oil prices high in recent weeks, although the pace of inflation has kept many investors concerned about the possible rise of interest rates and fall of consumer spending. Disappointing economic data from China also added to pressure.

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