Brent Crude falls for 7th session

Brent crude futures fell by 1.9% to settle at a 3-month low of $65.18 on Friday, stretching losses for the 7th session and widening a weekly drop to 7.7%. It was the longest losing streak since 2019 amid persistent concerns about the rapid spread of the coronavirus delta strain and the effects it will have on the economic recovery and fuel demand.

Disappointing economic data from China released early in the week and a stronger dollar due to Fed’s pledge to cut stimulus this year also pushed oil prices down this week.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics