COVID-19 Response
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Oil futures fell in overnight trading

July 27, 2021
Recap: Oil futures fell in overnight trading as the spread of the COVID-19 Delta variant raised concern about demand, but losses were limited by the forecast that crude oil supply will be tight the rest of the year. Coronavirus case rose over the weekend, with some countries repo ... Read More
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Baker Hughes reported that the oil and gas rig count increased by seven to 491

July 26, 2021
Recap: Oil futures were little changed on Friday, after a strong recovery from Monday’s selloff, underpinned by expectations that supply will remain tight through the year. The price of oil and other riskier assets tumbled at the start of the week on concern over the impact on th ... Read More
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Oil futures rose for the third straight day

July 23, 2021
Recap: Oil futures rose for the third straight day, further ignoring the bearish U.S. inventory report and the spread of the Covid-19 Delta variant, as well as reports on Thursday stating China released 22 million barrels of oil from its strategic reserve in a bid to keep a check ... Read More
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Data showed an unexpected 2.1 million barrel build in U.S. crude oil inventories

July 22, 2021
Recap: Oil futures jumped on Wednesday despite data showing an unexpected 2.1 million barrel build in U.S. crude oil inventories, which broke an eight week streak of declines. The driver behind the increase in stockpiles was a surge in imports, which reached their highest in a ye ... Read More
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Oil futures bounced back on Tuesday

July 21, 2021
Recap: Perhaps a little bit overdone to the downside, oil futures bounced back on Tuesday, erasing some of the panic selling seen on Monday after OPEC+ agreed to boost supplies, and as concern over the surging delta coronavirus variant increased. Despite today's modest bounce, oi ... Read More
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OPEC and its allies agreed to increase monthly output by 400,000 barrels per day

July 20, 2021
Recap: Oil futures plummeted more than 8% on Monday as OPEC and its allies agreed to increase monthly output by 400,000 barrels per day, while the spread of the delta variant prompted traders to unload risk. A rise in the U.S. dollar also added to the pressure. While oil supply i ... Read More
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Oil futures suffered their worst weekly loss since March

July 19, 2021
Recap: Oil futures experienced a double blow this week, suffering their worst weekly loss since March, pressured by the possibility of additional OPEC supplies coming to the market and unfavorable fuel inventory data in the U.S.  The United Arab Emirates and Saudi Arabia reported ... Read More
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Crude oil futures fell for the second straight session

July 16, 2021
Recap:  Crude oil futures fell for the second straight session, pressured by strength in the dollar, weak demand for gasoline in the U.S. and the prospect of additional supplies from the OPEC+ group after Saudi Arabia and the United Arab Emirates reached an agreement on their dis ... Read More
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The EIA report showed that domestic crude supplies fell for an 8th week in a row

July 15, 2021
Recap: Oil futures reversed early gains on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates reached a compromise over a global supply deal that will allow the UAE to boost its output and following the EIA report, which reflected a decline in U.S. ga ... Read More
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The IEA warned that deadlock in the OPEC+ alliance may cause global markets to “tighten significantly”

July 14, 2021
Recap: Oil futures turned higher on Tuesday, as tight supplies and expectations for another draw in U.S. and global crude oil inventories provided support. Gains were originally kept at bay, as U.S. inflation data for June showed U.S. consumer prices increased by the most in 13 y ... Read More
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