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U.S. WTI oil prices lowest settlement in more than a week
Oil futures prices pressured by concerns that the spread of COVID variants in Europe and Australia will hurt travel, and demand for fuel. Traders also awaited a decision on production from the Organization of the Petroleum Exporting Countries and their allies, which is expected on Thursday.
China said it plans to raise retail prices of gasoline and diesel starting Tuesday, according to report from Xinhua (http://www.xinhuanet.com/english/2021-06/28/c_1310032426.htm), citing the National Development and Reform Commission.
Oil prices dipped in the wake of the report, as China looks to “try and cool demand and prices” for commodities, said Phil Flynn, senior market analyst at The Price Futures Group.
West Texas Intermediate oil for August delivery declined by $1.14, or 1.5%, to settle at $72.91 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since June 18, FactSet data show.
Front Month Nymex Crude for Aug. delivery gained seven cents per barrel, or 0.10% to $72.98 today
–Up 10 of the past 14 sessions
–Today’s settlement value is the sixth highest this year
–Off 1.44% from its 52-week high of $74.05 hit Friday, June 25, 2021
–Up 103.91% from its 52-week low of $35.79 hit Friday, Oct. 30, 2020
–Rose 85.84% from 52 weeks ago
–Off 1.44% from its 2021 settlement high of $74.05 hit Friday, June 25, 2021
–Up 53.25% from its 2021 settlement low of $47.62 hit Monday, Jan. 4, 2021
–Off 49.77% from its record high of $145.29 hit Thursday, July 3, 2008–Month-to-date it is up 10.04%
–Year-to-date it is up $24.46 or 50.41%
All prices are calculated based on the settlement price of the current front month contract.
Source: Dow Jones Market Data
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