WTI Crude futures jump 10.6%

The West Texas Intermediate (WTI) Crude futures jumped 10.6% to $68.74 a barrel in the fourth week of August, the highest close since August 12th and the biggest weekly gain since June of 2020 as energy companies in the US Gulf of Mexico started shutting production ahead of Hurricane Ida, which is expected to hit the coast early next week.

Meanwhile, investors remained confident that fuel demand would recover after China managed to curb its recent coronavirus outbreak and Pfizer-BioNTech got full approval for the Covid-19 vaccine from the FDA.

However, fears over rising cases of the Delta strain persist as some countries in the Asia-Pacific region including Australia, Japan, and New Zealand imposed fresh restrictions to battle new outbreaks.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics